Talaat Moustafa Group Invests in Multiple Iconic Hotels Across Egypt
Including Aswan's Old Cataract, Luxor's Winter Palace, and more.
Real estate giant Talaat Moustafa Group's subsidiary Arab Company for Tourism and Hotels Investments (ICON) invested USD 700 million in state-owned E.G.O.T.H, the Egyptian General Company for Tourism & Hotels.
E.G.O.T.H owns several prominent hotels, including Marriott Mena House Cairo, Marriott Omar Khayyam Zamalek, Sofitel Legend Old Cataract Aswan, Mövenpick Resort Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir and Steigenberger Cecil Hotel Alexandria.
ICON's hotel portfolio is estimated to grow to a total of 15 hotels with 5,000 rooms, after the finalisation of this deal, including projects under development.
"The purpose of this acquisition is to undertake development and upgrading of these hotels in order to bring their operational efficiency to higher levels, enabling them to attract a higher quality of tourism to Egypt, leveraging on their unique and historical significance," read TMG's statement.
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