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Ishraq Hospitality, the asset management and hospitality arm of Mohamed & Obaid AlMulla Group, and Egyptian real estate company Capital Elite Development have signed an agreement to open two new hotels in the new capital of Cairo, Egypt.
Together, the properties will add around 600 keys to the Egyptian hotel market when they open to guests in 2025.
The hotels will be developed by Capital Elite Development, Egypt’s leading real estate development company, born through the development of the new administrative capital. The developer is part of the Mustafa Mansour group and has earned a reputation for delivering state-of-the-art projects to its clients.
Ishraq Hospitality will work closely with Capital Elite Development to bring the project to fruition, and the group will subsequently manage the operations of both properties with the aim of adding to its strong reputation for highly successful third-party hotel management.
“The Memorandum of Understanding signed between Ishraq Hospitality and Capital Elite Development brings together two renowned companies in their respective fields. The collaboration will combine world-class project development and hospitality management,” said Sherif Beshara, Group CEO of Mohamed & Group The experience, which will lead to the delivery and operation of two properties, is sure to greatly enrich the thriving Egyptian hospitality industry. Obaid Al Mura Group.
“We are excited to embark on this journey with Capital Elite Development, expanding it into one of the most culturally significant tourism destinations in the world.”
In May 2022, a report from Egypt Today said the country’s Information and Decision Support Center (IDSC) said hotel occupancy in Cairo increased by 106% in the first quarter of 2022, while Sharm El Sheikh’s Occupancy was up 46%, with Hurghada 84%. The report attributes the rise in occupancy to several reasons, primarily the easing of travel restrictions and the return of leisure travel, as well as strong political ties between Egypt and key travel markets in the Middle East and Europe.
“Ishraq Hospitality is proud to work hand in hand with Capital Elite Development to support their expansion in Egypt by developing two benchmark hotels. We look forward to meeting the highest standards of quality by leveraging our proven expertise in hospitality and asset management Deliver these properties,” added Sherif Beshara.
“The Egyptian hotel industry has been recovering steadily since 2021 due to multiple impacts, and once completed, we believe these two hotels will contribute to the growth and performance of the Egyptian hotel industry,” said Mustafa Mansour, Chairman of Capital Elite Development.
According to the “Real Estate: Solid Foundations – April 2022” report published by the American Chamber of Commerce in Egypt, Egypt’s hospitality industry will start to recover in 2021. It highlights the rejuvenation of the hospitality industry, noting that the industry is emerging from the many impacts of Covid-19.
According to the hotelier, bookings in the UK, Turkey and other key markets soared 400% in the second half of 2021 compared to the first half. The report also said improving fundamentals, state support, the launch of new tourist attractions and other drivers contributed to the rebound in the hotel market.
In recent years, the Egyptian government has opened several important tourist attractions, including the Royal Carriage Museum in Cairo, the Sharm El Sheikh Museum and the Sharm El Sheikh Museum. The government has also opened the National Museum of Egyptian Civilization, which displays 22 of Egypt’s royal mummies, and the Grand Egyptian Museum is also scheduled to open shortly. – arab trade news agency
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