(MENAFN- Daily News Egypt) Abu Dhabi tourism investment Company (ADTIC) has increased its hotel investment portfolio in Egypt to approximately EGP 9.5bn, according to Yahya Kotb, the company's CEO.
The company is planning several major renovations and new developments, including a renovation and development plan for the Mövenpick Hotel that could reach EGP 2bn.
The development and upgrading of the Mercure Hotel in Hurghada could cost up to EGP 2.5bn. A new five-star hotel opposite the Grand Egyptian Museum, featuring a distinctive brand, could cost up to EGP 5bn. The total investment for these projects, which are expected to be completed over the next two years, could exceed EGP 9bn.
ADTIC is also making significant progress on its existing properties, including the opening of a new lobby at its hotel in Sharm El Sheikh. This project is part of a comprehensive development and renovation effort, preserving the hotel's Moroccan and Andalusian design elements.
“The new lobby has been meticulously designed to highlight the hotel's authentic architectural identity and preserve the distinctive heritage character that reflects the culture and history of the region,” Kotb said.
The materials used in the construction, including marble, rare woods, and decorative ceramics, were carefully chosen to complement the design.
Kotb also announced the upcoming official opening ceremony of the Mövenpick Hotel in Sharm El Sheikh following the completion of the first phase. The first phase includes the renovation of 186 rooms, the lobby, outdoor areas, the beachfront promenade, and entertainment facilities, representing 70% of the total project. The next phase will involve renovating 112 rooms, four villas, and the restaurants.
“ADTIC looks forward to expanding the use of its owned land to increase its hotel capacity,” Kotb said.
ADTIC is owned by the Abu Dhabi Fund for Development (84%), with Abu Dhabi National Hotels Company holding 10% of the company. The remaining percentage is shared by Egyptian Public Enterprise sector companies operating in the tourism and hotel industry.
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