Egypt’s ICON secures majority stake in Legacy Hotels
The Arab Company for Tourism and Hotels Investments (ICON), a subsidiary of Talaat Moustafa Group Holding, has completed a deal to acquire and fully manage a 51 per cent stake in Legacy Hotels, according to a disclosure made on February 11th.
ICON’s consolidated hotel revenues in USD are projected to double to over $250 million in 2024 due to the takeover deal. The company expects this growth in revenues to continue in the following years.
Legacy Hotels, a joint venture of TSFE’s Tourism, Real Estate, and Antiquities Sub-fund and EGOTH, boasts a distinctive collection of seven hotels.
The seven hotels include 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.
ICON completed the acquisition of a 39 per cent stake in Legacy Hotels in December 2023.
The value of the deal was expected to reach $800 million once ICON’s ownership of the seven historic hotels increased to 51 per cent.