Egypt’s Prime Minister, Mostafa Madbouly, announced on Thursday that the Ministry of Public Business Sector has successfully received the initial installment of $520 million in line with the acquisition agreement involving several hotels, as detailed in a cabinet statement.
This development follows the completion of the acquisition and full management deal by The Arab Company for Tourism and Hotels Investments (ICON), a subsidiary of Talaat Moustafa Group Holding. The agreement, disclosed on February 11th, involves ICON acquiring and overseeing a 51 per cent stake in Legacy Hotels.
Legacy Hotels, a collaborative venture of TSFE’s Tourism, Real Estate, and Antiquities Sub-fund, along with EGOTH, features a unique portfolio comprising seven distinctive hotels.
