Egypt’s property developer firm, Tower Developments (TD) unveils it plans to establish a new hotel, as part of its flagship Tower Bay in Port Said at the end of 2018.
The new hotel, which is to be executed in two phases, is with total investments worth around 600 million Egyptian pounds ($33.9 million).
Ahmed Lasheen, TD’s chief executive, told Amwal Al Ghad on Monday that the hotel will be run by Hilton Worldwide Group and it will be operated within three years.
“Tower Bay is carried out on a space of 102 feddans,” Lasheen stated, adding that the fully-fledged project is being implemented in four phases within seven years, with investments totalling 5 billion pounds.
The Egyptian official further said that Tower Bay will include a residential and hotel part as well as international school over 10,000 square metres in addition to a commercial centre, spanning over 20,000 square metres.