03‏/05‏/2025

Talaat Mostafa submits an offer to acquire a group of hotels owned by EGOTH in Cairo, Alexandria, Luxor and Aswan.

This is through the Arab Company for Hotel and Tourism Investments - ICON, the hotel arm owned by Talaat Mostafa Group, through its subsidiaries with a percentage of 83.3%.

Talaat Group explained in a statement to the stock exchange management that it offered to acquire a significant stake in the ownership and management rights of a unique portfolio of hotels in Cairo, Alexandria, Luxor and Aswan.

Including Sofitel Old Cataract Aswan Hotel, Mövenpick Resort Aswan, Sofitel Winter Palace Luxor Hotel, Steigenberger Tahrir Hotel, Steigenberger Cecil Alexandria, Marriott Mena House, Cairo Marriott, and Omar Khayyam Casino.

Talaat Mostafa Group indicated that these hotels are currently owned by the Egyptian General Company for Tourism and Hotels “EGOTH.”

Talaat Mostafa explained that this step is in line with the group's strategy to consolidate its position as the main player in the high-end hotel sector in Egypt.

Talaat Mostafa continued that ICON aims to develop and modernize the new portfolio to be in line with its existing activities in the field of current hotel projects, and for the purpose of creating value for its shareholders, through acquisition.

The acquisition, upon completion, will result in Aikon's portfolio reaching 15 hotels with a total base of more than 5,000 hotel rooms, including projects under construction.

The acquisition will also contribute to achieving future revenues in hard currency, and is consistent with the group’s strategy of maximizing the company’s recurring income activities.

Talaat Mostafa Group indicated that the acquisition aims to develop and modernize these hotels with the aim of raising their operational efficiency to higher levels.

This will enable it to attract a higher quality of incoming tourism to Egypt, which in turn will be reflected in increasing and maximizing tourism revenues from these hotels by increasing room selling prices compared to current price levels.

Talaat Mustafa said that she has an ambitious plan to carry out a major development and modernization of these hotels as part of the acquisition offer, given the diversity of tourist destinations these hotels enjoy.