French hospitality group Accor and Egyptian real estate company Margins Developments have signed an agreement to develop the Novotel Hotel & Novotel Residences New Cairo Lusail, a mixed-use hospitality and branded residences project in New Cairo with investments exceeding 15 billion Egyptian pounds ($305 million).

The project will be located within the Lusail Residence development in New Cairo's Sixth Settlement, marks Margins Developments’ entry into Egypt's hospitality sector, according to a press statement issued by the developer.

Spanning approximately 30 feddans with a built-up area of more than 266,000 square metres (sqm), the project will comprise a 120-room Novotel hotel and more than 450 Novotel-branded residences, the statement said.

Dubai-based DEX Squared will operate the branded residences component of the project, it added.

(1 US dollar = 49.14 Egyptian pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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