EGYPT – The Talaat Moustafa Group (TMG), Egypt’s largest listed real estate developer, has signed a contract to establish Four Seasons-branded hotel in Luxor with the EGP 1.5bn of investments.
The contract was signed between the Egyptian General Company
for Tourism and Hotels (EGOTH) and TMG subsidiary Icon under a Public Private Partnership (PPP) framework.
chair, Hisham Talaat Moustafa said
that the signing is an indicator of the great development witnessed in Egypt’s
between private and public sector is better than ever, this will positively impact the Egyptian
economy,” Moustafa said.
He praised the efforts of the Minister of Public Enterprise
Sector Hisham Tawfik, saying that his efforts lead to the signing of the
‘This hotel will play a positive role and promote tourism in
Upper Egypt and Luxor. The same thing happened when we established our hotels
in Cairo and Sharm El-Sheikh, as they raised the standards of available hotels
and in turn lead to an increase in spending per night,’ He added.
TMG established the Cairo Four Seasons hotel, the average price per night stood
at $90, now it averages
at about $460-470 per night,”
Hisham Talaat Moustafa stated.
He further noted
that such developments had a positive effect on the category of incoming
tourists and that he
hoped the Luxor hotel will positively impact Egypt’s economy.
to Moustafa, higher-spending tourists arrivals increased and that lead
to an increase in income in foreign currency.
expected to raise the necessary funds through equity to cover the the
full cost of constructing the
A Daily News report indicated that
the the construction works are expected to be completed within three and
a half years.
PPP model which is being used to develop the hotel, TMG will own the hotel
while the EGOTH will provide and retain ownership of the land for the
hotel, under a revenue-sharing model.