Call us today on 020 7644 1770

News

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.

Leave a comment

Talk to a specialist

alexandra

Call 020 7644 1770 to speak with our award-winning travel consultants.

Opening hours 09:00 - 17:00 GMT

Popular Holidays In Egypt Browse all

Best Value

From £639 per person
Achti Resort Luxor (formerly the Sheraton Luxor)

Achti Resort Luxor (formerly the Sheraton Luxor)

Luxor is one Egypt's most captivating cities, replete with historic monuments such as the ancient tombs of the Valley of...

From £649 per person
hilton hurghada resort

Hilton Hurghada Resort

Discover a submarine world filled with life while you enjoy the lush facilities and accommodations of the Hilton...

From £679 per person
sonesta st. george luxor

Sonesta St. George Luxor

Enjoy a week-long stay in the land of the pharaohs by the banks of the legendary River Nile. While in the city of Luxor...

From £699 per person
renaissance golden view beach resort

Renaissance Golden View Beach Resort

Renaissance Golden View Beach Resort nestles into a dramatic headland overlooking the Ras Mohammed National Park. This...