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Orascom invest in Egypt hotels

  • 30-Apr-10 14:49
  • Egypt
  • Reuters

The Swiss-based company, Orascom Development Holding has bought a 4.5 percent stake of a company which provides luxury Egypt hotels and resorts, under a joint plan to develop a new resort property on the Red Sea which will include a marina.

Orascom invest in Egypt hotels

Orascom Development's auxiliary, Orascom Development and Management (ODM) have signed a nine year deal with Egyptian Resorts Co. (ERC) and the two companies are making plans to develop 618 acres of ERC property which surrounds the existing resort of Sahl Hasheesh.

The new additions to ERC's Egypt hotels will feature 4,000 rooms and suites, 2,500 residential units and a marina, and is expected to be completed by the end of 2012. Chief Executive Officer of Egyptians Resorts, Mohamed Kamel, said:

"These strategic assets promise to create significant value for the resort in general and help bring added value for both firms. ODM will act as the development manager and will also market and sell the residential estate units surrounding the marine area, which is considered as one of the pillars of the Red Sea resort of Sahl Hasheesh."

In return for its share, Orascom Development Management will receive a share of profits and revenue fro ERC. Set upon 10,100 acres, the Sahl Hasheesh resort is situated 11 miles south of Hurghada and has 1,577 hotels rooms and suites for its guests on holidays in Egypt as well as 679 real estate units.

The all sea-view resort stands out from other Egypt hotels with is 7.8 miles of shoreline, gorgeous sandy beaches, and the Hasheesh Island, which offers a great diving site for guests on Egypt holidays. As well as the luxury range of accommodation, travellers staying at any of the Egypt hotels on the stunning complex can take advantage of the luxury facilities including golf courts, a cinema complex, numerous swimming pools, and the forthcoming worldwide unique marina.

The warm climate attracts visitors to the luxury resort on an all-year-round basis and there are plenty of historic attractions and sites to visits nearby as well as vibrant city and endless water sports activities.

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