Emaar Misr for Development has inaugurated the Address Beach Resort Marassi in Egypt’s North Coast, with an investment of EGP 5 billion.
This marks Egypt's second hotel and resort under the Address Hotels and Resorts brand, according to a press release.
The inauguration aligns with Emaar’s vision to develop Egypt’s North Coast and upgrade the hotel and hospitality sector in it.
Address Beach Resort Marassi Beach is located in an area of 86,100 square metres in Sidi Abdelrahman. The hotel includes 118 rooms,169 serviced apartments, and 69 cabanas located a few steps away from the sea and Marassi Marina.
Mohamed Al Abbar, Founder of Emaar Properties, noted: “Emaar aims to develop a portfolio of 10 hotels, which represents approximately 3,000 hotel rooms in Egypt’s North Coast with an investment of EGP 26.30 billion, including both the previously launched hotels and those that are still under construction.”
“This reflects the company's vision to enhance the hotels and hospitality sector in this destination, and building on this belief, Emaar Misr launched Address Marassi Golf Resort, in addition to renovating and launching Alamein Hotel, along with five Boutique Hotels,” Al Abbar said.
He added: “Having said that, the company is planning to inaugurate Vida Marina Resort very soon."
In the first quarter (Q1) of 2023, the EGX-listed firm generated net profits after tax valued at EGP 2.22 billion, compared to EGP 1.58 billion in Q1-22.
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