Al-Borouj Misr to manage Movenpick Hotel in NAC

The Sixty Iconic Tower is built over 13,000 square meters (sqm), comprising of 45 floors, in addition to five underground floors for vehicle parks.

The tower is located in front of the Central Business District (CBD), where the Iconic Tower is located, the tallest in Africa.

Mohamed Assy, Vice-Chairperson of Al-Borouj Misr, said that the new agreement falls in line with the company’s vision and strategy based on diversifying its investment portfolio and cooperating with the largest partners globally.

Assy added that the M?venpick Hotel in the Sixty Iconic Tower will be the first five-star private sector hotel in the New Capital.

He further noted that the hotel’s capacity will be 190 keys, in the last 10 floors of the Sixty Iconic Tower. The serviced residencies will be also managed by M?venpick.

Assy pointed out that the company sold about 75% of the project with a sales value of approximately EGP 2bn, noting that the project’s ??services area reached 20,000 sqm with sales estimated at EGP 1.5 billion.

It is worth noting that Al-Borouj Misr is developing six projects in the New Capital and has directed EGP 3.5 billion in construction works of its projects in the city.

For his part, Frank A. Naboulsi, Vice President Operations at AccorHotels Egypt, said that his company’s cooperation with Al-Borouj is the former’s third contract in the New Capital and the first of its kind with a private company in the city.

Naboulsi added that AccorHotels aims to establish 20 international hotel brands in Egypt over the coming five years.