Egypt’s Palm Hill Development Company has joined the US Marriott International hotel chain for the development of a new hotel in the capital Cairo at a cost of around 4 billion Egyptian pounds ($129 million), the firm said on Tuesday.
In an Egypt bourse disclosure statement, Palm Hills said it has signed an agreement with Marriott International for the Ritz-Carlton Cairo, Palm Hills.
The property in West Cairo is expected to open in 2027 and it will comprise 150 guest rooms and 50 serviced apartments, the statement said.
“It has an estimated investment of 4 billion pounds.. we would like to welcome Marriott International as our new prominent partner in Palm Hills October,” Palm Hills Chairman and CEO Yassin Mansour said.
(1 US dollar = 30.90 Egyptian pounds)
(Writing by Nadim Kawach; Editing by Anoop Menon)
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