Cairo – Mubasher: Orascom Development Egypt on Tuesday announced the signing of an agreement with Thomas Cook Group, one of the world’s largest tour operators, to establish a new hotel and upgrade another with EGP 200 million in investments.
Both firms will partner up to build a brand new hotel under the name of Casa Cook Hotel over the beach in El Gouna with nearly 100 rooms, Orascom said in a statement to the Egyptian Exchange (EGX).
The alliance will also upgrade and develop Arena Inn El Gouna Hotel, located in the Downtown area with 144 rooms, and change its brand name to Cook’s Club House, the Egyptian firm added.
Casa Cook Hotel is set for inauguration in October 2019, while Cook’s Club House will be opened in the next summer, according to the statement.
Orascom Development previously reported a modest increase in consolidated profits for the first nine months of 2018, as compared with the same period last year.
Net profit amounted to EGP 276.06 million in the nine-month period ended September, compared to EGP 268.8 million in the year-ago period.
Revenues grew to EGP 770.9 million in the January- September period, versus EGP 483.4 million in the prior-year period.
