(Posted 15th December 2023)
The hospitality Industry in Africa has been reviving at a positive rate, evident in its robust recovery in 2023, with Southern Africa leading the way with an impressive 74% growth in RevPAR.
Providing key figures related to the diverse markets in Africa, this exclusive STR report explores key metrics such as Revenue per Available Room (RevPAR), occupancy rates, and Average Daily Rate (ADR). With a focus on regions that have not only rebounded but exceeded pre-pandemic levels.
The report confirms that the Average Daily Rate (ADR) plays a crucial role in RevPAR growth, notably in Egypt and Ghana, where ADR surged by 85.5% and 66.6%, reflecting the impact of inflation on room rates. Market-level recovery is evident in cities like Casablanca, Accra, and Nairobi, with positive trends in Occupancy and ADR.
Windhoek, the host city of AHIF 2024, exhibited resilience, with August seeing a standout 22% YoY growth in RevPAR, indexing at 122 of 2019 levels.
We also spoke with Thomas Emanuel, Senior Director, STR about the report findings. He further shared that markets such as Lagos, Addis Ababa and Nairobi stood out due to rising domestic demand and flourishing economies.
Thomas Emanuel will delve deeper into the market trends at the Africa Hospitality Investment Forum on 25-27 June 2024 in Namibia.
As the premier gathering for the region’s top hospitality investors, developers, operators, and advisors, this annual event is a focal point for industry leaders.
Take advantage of the early bird rate until 31st January.
Register now and save with our Early Bird rate
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