Egypt - Beltone Leasing, a wholly owned subsidiary of Beltone Financial Holding, announced Monday a strategic partnership with Pickalbatros Hotels & Resorts Group, one of the largest hotel chains in Egypt and the MENA region.
The collaboration involves a sale-leaseback transaction of the renowned Laguna Vista Beach Resort in Sharm El Sheikh for EGP750m.
The primary objective of this agreement is to provide working capital financing for Pickalbatros Hotels & Resorts Group.
The group has a rich history spanning 30 years and currently operates an impressive portfolio of 25 hotel properties across Egypt, including prime destinations such as Hurghada, Marsa Alam, Sahl Hasheesh, and Sharm El Sheikh, as well as three hotels in Morocco.
This agreement marks an important milestone in the growth trajectories of both organizations. The strategic collaboration will fuel the ongoing development of the hospitality sector in Egypt.
“We are thrilled to collaborate with Pickalbatros Hotels & Resorts Group on this transaction,” said Amir Ghannam, CEO of Beltone Leasing. “As a trusted financial services provider, Beltone Leasing is committed to supporting the growth and development of businesses in Egypt and the region. This partnership exemplifies our dedication to providing innovative financing solutions that cater to the evolving needs of our clients.”
Kamel Abou Ali, chairperson of Pickalbatros Hotels & Resorts, commented: “We are pleased to collaborate with Beltone Leasing. The financing provided will enable us to enhance our working capital and further expand our hotel portfolio, strengthening our position as a leading hospitality brand in Egypt and the MENA region. We look forward to a fruitful partnership with Beltone Leasing.”
In March 2023, Daily News Egypt honoured the Chairperson of Pickalbatros Hotels & Resorts Kamel Abou Ali as the most influential personality in the Tourism Sector. The inaugural Daily News Egypt annual summit and DNE Awards were held on March 15 at the St. Regis Cairo Hotel.
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