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Egypt’s Astra Rise Developments has signed a management and operation agreement with UAE-based Rotana Hotels for its 4 billion Egyptian pounds ($80 million) serviced apartments project in Egypt’s New Administrative Capital, the developer said on Monday.
The development will introduce the Rayhaan by Rotana brand to Egypt and will include retail and food-and-beverage components alongside the serviced apartments, the company said in a press statement.
The project is located in the MU7 district, directly facing the Iconic Tower, the monorail station and the R3 residential district.
Astra Rise said the project will adopt a managed leaseback model, under which investors will be able to purchase individual hotel units and lease them back to the operator.
Construction timelines weren't disclosed.
The deal comes as Rotana expands its presence in Egypt’s hospitality sector. Last week, Zawya Projects reported that the UAE-based operator will also manage Almarasem Development’s $120 million, 600-key Lake Residence hotel apartments within the Fifth Square project in New Cairo.
(1 US Dollar = 47.63 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)
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