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Egypt’s Afifi Investment Group is planning to invest 2 billion Egyptian pounds ($86 million) in acquiring hotels in the tourist hotspot of Sharm El-Sheikh, the company's chairman said.
Mahmoud Afifi told Zawya Projects that the group is planning to invest in 4 and 5-star hotels in Sharm El-Sheikh through its subsidiary Universal Tourism Investment.
"We will acquire 4 and 5-star hotels based on available opportunities," he said.
The company had recently acquired Uni Sharm Hotel in Sharm El-Sheikh and invested 400 million pounds ($17 million) to modernise the hotel and upgrade it to 4-star category and introduce commercial and retail elements.
(1 US Dollar = 23.15 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
