South Africa’s hospitality industry is prepared to grow further in the next five years, with most growth in the sector expected to be generated in Cape Town, according to a report released by PricewaterhouseCoopers (PwC) today.
Nikki Forster, the hospitality industry leader for PwC Southern Africa, says: “Although South Africa’s economy has weakened, the hotel industry in 2014 has benefited from an increase in foreign visitors and rising room rates.”
In the fifth edition of PwC’s report, Hospitality Outlook: 2015-2019, it projects that by 2019, the overall occupancy rate across all sectors in South Africa will continue to increase, rising to an estimated 58.3% from 54.4% in 2014. “The hotel occupancy rate reached its highest level in 2014 of 59% since 2008. The hotel occupancy rate is expected to increase to 62% by 2019 but still remain lower than the 68.4% achieved in 2008,” adds Forster.
Five star hotels are expected to achieve a high of 80% occupancy in 2019.
Sightseeing from Table Mountain, Cape Town. (Image: Cape Town Tourism )
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