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TMG Holding signs agreements for the acquisition of a 39% stake with management rights in a substantial portfolio of seven distinctive hotels located in Cairo, Alexandria, Luxor, and Aswan

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.

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Hisham Talaat Moustafa

CEO & MANAGING DIRECTOR

Throughout more than 50 years of hard work, Talaat Moustafa Group (TMG) has become an effective national contributor leading urban development in Egypt, participating in establishing unprecedented standards in the real estate development industry to position its real estate and tourism projects as the ultimate model for sophistication and quality of life.

 

The blessing of the Almighty God and the trust of our partners in success, shareholders, and stockholders of our projects were and still are the main force and essential support in driving our path towards growth and prosperity.

As much as we strived to keep up with all the global changes during the past period, today we are about to instill new standards into our growth strategy with the aim of complying with the new changes and presenting residential and touristic products that conform with the needs of the era, as well as the essential standards and determining factors required by the nature of this stage.

To achieve this, we are now seeking to activate many elements that contribute to keeping pace with global developments in modern building technologies and to provide quality of life by applying all the fourth-generation cities’ requirements with the use of smart application systems. This would succeed in making the real estate development industry a real vessel for all economic activities and development services that extend to almost all aspects of life.

In addition, we are working to meet our customers’ aspirations and aim to reach our partners’ full satisfaction despite the market determinants and the high cost of investment, which would be achieved by employing programmes and comprehensive financial, administrative, and marketing solutions while ensuring that we fulfil our social responsibility through various national initiatives, especially in the fields of education, health, youth, and sports.