Talaat Moustafa Group to set up a new US$96m Four Seasons Hotel in Egypt

 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.

TMG’s group chair, Hisham Talaat Moustafa said that the signing is an indicator of the great development witnessed in Egypt’s public sector.

partnership 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 contract.

‘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.

“Before 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.

According to Moustafa, higher-spending tourists arrivals increased and that lead to an increase in income in foreign currency.

TMG is expected to raise the necessary funds through equity to cover the the full cost of constructing the 200-room hotel.

 A Daily News report indicated that the the construction works are expected to be completed within three and a half years.

Under the 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.

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