A subsidiary of Talaat Moustafa Group Holding (TMGH) signed an agreement om Tuesday with the Egyptian General Company for Tourism and Hotels (EGOTH), affiliated to the Ministry of Public Enterprise, to establish and co-develop a Four Seasons Hotel in Luxor with a capacity of 200 rooms over an area of 21,000 square metres.
According to the agreement, the project will cost EGP 1.5 billion, financed by TMGH, and is expected to be completed in 3.5 years.
The agreement terms include EGOTH receiving seven percent of annual revenues, in addition to the ownership of the land.
Meanwhile, TMGH said it is currently building a hotel in Marsa Alam in cooperation with the Radisson Blue Group, with a capacity of 3,000 rooms.
TMGH is also to launch a mixed-use project on a revenue- share basis in the New Administrative Capital, similar to its project Celia.