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.

Egyptian Public Enterprise Minister Hesham Tawfik and Mervat Hataba, HOTAC chairperson during the signing ceremony between Hesham Talaat Moustafa, Chairman of the Arab Company for Hotels & Tourism Investment (ICON), a subsidiary of TMG Holding; and Sherif Bendary, chairman of the Egyptian General Company for Tourism and Hotels (EGOTH).