Orascom Development, Thomas Cook sign EGP 200 mln hotel deal

Egypt’s Orascom Development unveiled on Tuesday the signing of an agreement with Thomas Cook Group, one of the world’s largest tour operators, to establish a new hotel and upgrade another, with investments of 200 million Egyptian pounds ($11.1 million).

Both firms will partner up to build a brand new hotel under the name of Casa Cook Hotel over the beach in El Gouna, with a capacity of 100 rooms, Orascom said in bourse filling.

The alliance will also upgrade and develop Arena Inn El Gouna Hotel, located in the Downtown area with 144 rooms, and change its brand name to Cook’s Club House, the Egyptian firm added.

Casa Cook Hotel is set for inauguration in October 2019, while Cook’s Club House will be opened in the next summer, according to the statement.

Orascom Development previously reported a modest increase in its consolidated profits during the first nine months of the current year, compared with the same period last year.

Net profits amounted to 276.06 million pounds in the nine-month period ended last September, compared to 268.8 million pounds in 2017.

Revenues grew to 770.9 million pounds in the January- September 2018 period from 483.4 million pounds during the same period in 2017.