Egypt's ADTIC signs agreement with Accor to operate Mövenpick Hotel in Hurghada
Abu Dhabi Tourism Investment Company (ADTIC), majority-owned by the Abu Dhabi Development Fund (ADFD), has signed an agreement with Accor to rebrand and operate its 469-key hotel in Hurghada on Egypt's Red Sea coast.
The hotel, set to undergo renovations, will transition from Mercure to Mövenpick, ADTIC announced in a press statement.
ADTIC CEO Yahia Kotub confirmed that the company will invest 2.5 billion Egyptian pounds ($49 million) in the renovation and upgrade of the Mövenpick Hotel Hurghada. Development work is set to commence in the second half of 2025, with the first phase expected to be completed by March 2026.
Accor, which already manages the Mövenpick Hotel in Sharm El Sheikh, is also preparing to oversee operations at the upcoming Sofitel Legend Hotel in Giza, the statement said.
ADTIC is 84 percent owned by ADFD, with Abu Dhabi National Hotels Company holding a 10 percent stake. The remaining shares are distributed among Egyptian tourism and hotel companies affiliated with the Ministry of Public Business Sector.
(1 US Dollar = 50.64 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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