Cairo – Mubasher: Egypt’s Travco Group for tourism and hospitality has signed an agreement with a group of German investors to launch a new hotel in Sheikh Zayed City during 2018.
Travco Group will own 50% of the planned project, Al Borsa newspaper reported, citing Travco chairman Hamed El Chiaty as saying.
The 300-key hotel is slated for inauguration at the beginning of 2019 and will be managed by Germany’s Steigenberger Hotels, El Chiaty revealed.
Travco Group aims to complete four new hotels next year, boasting a combined 1,500 rooms, in Marsa Alam and Hurghada, the newspaper added.
The Egypt-based company did not disclose the value of the deal.
