Addis Ababa, Ethiopia, posted Africa’s highest average daily rate (ADR), according to the most recent 12-month data from STR when surveying hotels on the continent.
From July 2018 through June 2019 the city registered an absolute average daily rate (ADR) of US $163.79 (about R2 400) when measured in constant currency, which removes the effects of inflation.
It's a 1.1% increase year on year.
The next closest STR-defined markets in Africa were Accra, Ghana ($160.34) and Lagos, Nigeria ($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," he says.
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 (59.7%).
Original story published by IOL