Egypt Signs Titanic Hotels and Hilton Deals Worth Over $460m to Boost Tourism Capacity
Egypt has secured two major international hotel investment agreements, signed in the presence of Prime Minister Moustafa Madbouly at the government headquarters in the New Administrative Capital. The first sees local developer Gazelle Investment partner with Turkey's Titanic Hotels to introduce its ultra-luxury Titanic Luxury Collection brand to Egypt, with a $180m five-star resort in Sharm El-Sheikh set to open within 30 days. The property features 560 guest rooms, 60 luxury villas, a one-kilometre private beachfront, an aqua park, wellness spa and multiple dining venues. In a separate agreement, local developer PRE Group signed a strategic partnership with Hilton Worldwide for a portfolio of 10 developments valued at approximately EGP 14bn (around $280m), adding roughly 2,000 hotel rooms and residential units across five Hilton brands at locations including Ain Sokhna, Alamein and East Cairo.
Both deals contribute to Egypt's National Tourism Strategy, which targets 300,000 hotel rooms and 30 million tourist arrivals annually by 2030. Gazelle Investment confirmed that three additional Titanic Hotels management agreements for Egypt are already in preparation, while Hilton's Vice President of Development for the Middle East and Africa, Carlos Khneisser, noted that the PRE Group partnership builds on Hilton's 65-year presence in Egypt and introduces branded residential ownership alongside traditional hotel accommodation for the first time.
Source: Daily News Egypt
