Egyptian government reviews ICON's development plan for 7 state-owned hotels
Egypt's Prime Minister Moustafa Madbouly has reviewed development plans by the Arab Company for Hotel and Tourism Investments (ICON) for seven historic hotels, following the finalisation of a deal valued at up to $800m for a controlling stake in the portfolio.
The Prime Minister held a meeting to follow up on the plans for the hotels, describing them as having significant cultural value and promising market potential. He affirmed the meeting's purpose was to track the implementation of development strategies in partnership with the private sector.
'We are following up on the development plans for these historic hotels to raise their operational efficiency and maximise the return from these tourism assets in partnership with the private sector,' Madbouly stated.
The meeting was attended by Minister of Tourism and Antiquities Sherif Fathy, Minister of Public Business Sector Mohamed Shimy, Minister of Investment and Foreign Trade Hassan El-Khatib, and Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group Holding (TMG).
ICON, a subsidiary of TMG, has signed final agreements to acquire a 39% stake and full management rights in Legasi Hotels, a new company that owns the portfolio of seven hotels. The stake is set to increase to 51% within a specified contractual period, at which point the deal value will reach $800m.
The acquisition will be financed through ICON's internal resources and a capital increase of $882.5m from an international strategic investor, who will acquire a minority stake in ICON. TMG will retain its majority stake in the company.
TMG Holding has previously stated it expects revenues from the seven-hotel portfolio to double and exceed $250m by 2024.
The hotels included in the portfolio are Marriott Mena House Cairo, Marriott Omar Khayyam Zamalek, Mövenpick Resort Aswan, Sofitel Legend Old Cataract Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir, and Steigenberger Cecil Hotel Alexandria.
Cabinet spokesperson Mohamed El-Homsany said the meeting reviewed ICON's plans for the hotels, which were part of the state's public offering programme. The initiative aligns with the government's 'State Ownership Policy Document' to maximise the value of state-owned tourism assets.
The spokesperson added that the ongoing development and modernisation work was discussed, which is part of a plan aimed at restoring the hotels while preserving their unique architectural and historic character. The efforts seek to enhance the properties' tourism value and attract a wider segment of tourists, supported by strong regional and global promotion.
El-Homsany added that the presented plans reflected significant investments being channelled into the hotels. He noted that the current phase represents a major step in renovating the properties and improving services to meet international hospitality standards, with significant returns expected for the state and investors.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
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