30 September 2019
Palm Hills Developments (PHD) announced on Monday the completion of two "niche boutique" hotels in Hacienda White and Hacienda Bay on the North Coast at a total cost of 300 million Egyptian pounds ($18.5 million).

The 34-key, 4-suite Mazeej Hotel in Hacienda White, spread over an area of 10,000 square metres (sqm), was developed in partnership with G'nK Hospitality while the 28-suite Le Sidi Boutique Hotel & Restaurant in Hacienda Bay, spanning 20,000 sqm, is a joint venture with The Lemon Tree & Co, the press statement said.

The statement, quoting PHD Chairman Yasseen Mansour, said the company's vision "has always been aligned with the efforts of the Egyptian government to improve infrastructure and facilitate tourism in all parts of the country."

The statement said Palm Hills Developments has completed 29 real estate projects across Greater Cairo, the Mediterranean, and the Red Sea.

(1 US dollar = 16.29 Egyptian pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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