Cairo – Mubasher: Amer Group Holding Co. announced the inauguration of the first phase of its five-star Port Said hotel, owned by its subsidiary Amer Tourism Development, which comprises 80 rooms.
The Egyptian property developer aims to open the second phase which features 100 rooms by the fourth quarter of 2019, according to a filing to the Egyptian Exchange (EGX) on Thursday.
Porto Said project stretches over 95 feddans overlooking the Mediterranean Sea.
In addition, Amer Group also revealed that Piccadilly Heliopolis, owned by its subsidiary Delmar for Touristic Development, has been renamed as Porto Heliopolis.
All required licences have been received and the project has been launched, Amer Group added.
In August, the real estate developer revealed plans to launch Piccadilly Heliopolis, with total investments of EGP 3 billion, over 27,000 square metres in Heliopolis.
It is noteworthy that during the first half of 2019, Amer Group’s net profits declined to EGP 25.42 million, compared to EGP 55 million in H1-18.
