Talaat Moustafa Group Holding announced that its hospitality arm, ICON, signed definitive agreements for the acquisition of a 39% stake with full management. The stake will reach 51% within a specified period of time in Legacy Hospitality Company (“Legacy Hospitality”), according to the schedule of the contract concluded. Legacy Hospitality is a newly established company that owns a unique and sizable portfolio of 7 hotels in Egypt: Sofitel Legend Old Cataract Aswan, Mövenpick Resort Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir, Steigenberger Cecil Hotel Alexandria, Marriott Mena House Cairo, and Marriott Omar Khayyam Zamalek, which were previously owned by the Egyptian General Company for Tourism and Hotels (“EGOTH”). Furthermore, Legacy Hospitality is a joint company between TSFE Tourism, the Real Estate and Antiquities Subfund, and EGOTH.
The final share subscription agreement was signed in the presence of the Prime Minister of the Arab Republic of Egypt, H.E. Dr. Eng. Mostafa Madbouly, the Minister of Planning and Economic Development and Chairman of TSFE, H.E. Dr. Hala Elsaid, and the Minister of Public Business Sector, H.E. Eng. Mahmoud Esmat, between the Group, represented by its CEO and Managing Director, Mr. Hisham Talaat Moustafa, and EGOTH, represented by its CEO, and the Sovereign Fund of Egypt, represented by its CEO, Mr. Ayman Soliman.
This strategic move aligns with the group’s growth strategy to solidify its position as a leading player in Egypt’s upscale hospitality segment. In order to bring this distinctive portfolio of historic hotels up to date with its other high-end hospitality projects and generate value for shareholders, ICON plans to preserve and update it while maintaining its historical character. With projects now in planning and construction included, it will expand ICON’s room base to about 5,000 rooms and increase its hotel portfolio to a total of 15 properties.
