Egyptian-American consortium acquires three hotels for USD52 million; similar transactions in pipeline
An Egyptian-American consortium has completed the purchase of three hotels in the Red Sea and South Sinai, worth a combined value of USD52 million. The total number of rooms is 300 for the three hotels. Moreover, a GCC consortium is said to be in negotiations with the owners of two resorts in Marsa Allam for a possible transaction. This GCC consortium is said to have earmarked USD500 million for the acquisition of real estate and hospitality assets in Egypt in 2016. (Al Borsa)
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