Hotel News PRESS RELEASE

Hotel: Addis Ababa leads Africa in hotel room rates

PRESS RELEASE
Addis Ababa leads Africa in hotel room rates
Addis Ababa registered an absolute average daily rate (ADR) of US$163.79 when measured in constant currency, which removes the effects of inflation
LONDON, United Kingdom, August 8, 2019/ — Addis Ababa, Ethiopia, posted Africa’s highest average daily rate (ADR), according to the most recent 12-month data from STR (https://STR.com/). The market will play host to the Africa Hotel Investment Forum (AHIF) (https://www.AHIF.com/) on 23-25 September at the Sheraton Addis.

From July 2018 through June 2019, Addis Ababa registered an absolute ADR of US$163.79 when measured in constant currency, which removes the effects of inflation. That figure was a 1.1% increase year over year. The next closest STR-defined markets in Africa were Accra Area, Ghana (US$160.34) and Lagos Area, Nigeria (US$132.51).

“Addis Ababa continues to maintain high ADR levels when compared internationally,” said Thomas Emanuel, a director for STR. “The city has multiple demand drivers, such as a growing economy, successful airline and its status as the diplomatic capital for Africa. Air connections and ease of access compared with other cities also factor in the equation for strong demand, which provides hoteliers with the confidence to maintain rate levels.

“With healthy performance comes interest in investment. The market’s pipeline is strong with 22 hotels and 4,820 rooms in active development. We will continue to monitor these new openings to see how the market reacts once these additional rooms open.”

Emanuel will present the latest hotel performance and development insights on the Tuesday (24 September) of AHIF.

“Hosting high-profile international meetings like AHIF is one factor that has helped Addis to maintain its position as the city with the most expensive hotel accommodation in Africa,” said Matthew Weihs, Managing Director, Bench Events (http://www.BenchEvents.com) (AHIF organiser). “Our delegates will be looking carefully to see if the addition of a lot more high-quality accommodation and meeting space will depress room rates or help Addis become even more attractive as a destination.”

Addis Ababa’s occupancy over the same 12-month time period was 58.4%, up 6.5% year over year. Cairo & Giza was the continent’s occupancy leader at 74.5%. Cape Town Centre, South Africa (65.0%), ranked second in the metric followed by Accra Area (59.7%).
Distributed by APO Group on behalf of Bench Events.

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Media Contact: 
Email: media@str.com

Editors Note: 
All references to STR data and analysis should cite “STR” as the source. Please refrain from citing “STR, Inc.” “Smith Travel Research” or “STR Global” in sourcing.

Additional Performance Data:
Are you a member of the media looking for performance data for a hotel market not included in this release? STR’s sample comprises more than 65,000 hotels and 8.8 million hotel rooms around the globe. Please refer to the contacts listed below for additional data requests.

About STR:
STR (https://STR.com/) provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. For more information, please visithttps://STR.com/.

About the Africa Hotel Investment Forum (AHIF):
AHIF (https://www.AHIF.com/) is the premier hotel investment conference in Africa, attracting many prominent international hotel owners, investors, financiers, management companies and their advisers. It is organised by Bench Events (http://www.BenchEvents.com), who have a long track record of delivering multiple premium hotel investment conferences and forums across Europe, the Middle East, Africa, Asia and Latin America. Bench Events’ mission is enabling prosperity by facilitating growth, networking and thought leadership in the hospitality industry worldwide.

Sponsors of AHIF are: Platinum Sponsors: Accor, Hilton, Marriott International and Radisson Hotel Group; Gold Sponsors: Aleph Hospitality, Ascentis, Best Western Hotels and Resorts, Cabo International Partners, Calibra, CityBlue Hotels, Citymax Hotels, Drawlink, Drees & Sommer, febc, Hotel Partners Africa, Insignia, IHG, JLL, Louvre Hotels Group, Munich RE, PrideInn, STR, Stuart and Partners and TIME Hotels.
SOURCE
Bench Events

Distributed by : APO Group

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