Egypt’s Talaat Moustafa to build Four Seasons hotel in Luxor
Egypt’s largest listed real estate developer Talaat Moustafa is planning to build a Four Seasons Hotels and Resorts in the Nile city of Luxor within four years.
Talaat Moustafa signed on Tuesday a partnership with the state-run Egyptian General Company for Tourism and Hotels (EGOTH) to build the new Four Seasons Hotels and Resorts in Luxor, at investment cost up to 1.5 billion Egyptian pounds ($96.15 million).
“The inauguration of the new hotel is expected to take place within 2024,” Mervat Hataba, chairperson of the state-run Holding Company for Tourism and Hotels (HOTAC), told Amwal Al Ghad on Tuesday.
The hotel will have 200 rooms and rank as a five-start establishment in a land plot owned by EGOTH, called Sultana Malak in Luxor. It will be built on an area of 21,500 metres.
EGOTH will obtain 8 percent of the hotel revenues, Hataba added.