Business

Egypt Sells $800 Million Stake in Historic Hotels

Cairo – The Sovereign Fund of Egypt has finalized an $800 million deal with Arab Company for Tourism and Hotels Investments (Icon), a subsidiary of the Cairo-based Talaat Moustafa Group (TMG), for a stake in seven historic hotels. This significant transaction marks a pivotal moment in the nation’s tourism and hotel industry.

According to Africa News Agency, Icon has acquired a 39 percent stake in Legacy Hotels, with an option to subscribe to a capital increase. This option, if exercised, would grant Icon a controlling 51 percent stake in the company. The report further noted that the funding for this acquisition would come from Icon’s internal resources. The seven historic hotels involved in the deal include the Sofitel Legend Old Cataract Aswan, Movenpick Resort Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir, Steigenberger Cecil Hotel Alexandria, Marriott Mena House Cairo, and Marriott Omar Khayyam Zamalek.

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