Hilton and Titanic sign Egypt expansion deals as PRE Group plans 2,000 rooms and branded homes
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Egypt's government witnessed two hospitality agreements on Tuesday: a $180 million Titanic hotel opening in Sharm El-Sheikh and a PRE Group-Hilton partnership worth an estimated EGP 14 billion covering six hotels and four branded residential developments.
Prime Minister Mostafa Madbouly witnessed the signing of two agreements with international hotel groups Hilton and Titanic on Tuesday, as Egypt pushes to expand its luxury hospitality and branded residential pipeline.
The first agreement was signed between Egyptian company Jazal for Real Estate and Tourism Investment and Turkish group Titanic Hotels to manage the Titanic Luxury Collection hotel in Sharm El-Sheikh, marking the brand's entry into the Egyptian market. The five-star property was built with entirely Egyptian investment of around $180 million and features a one-kilometre beachfront, 560 rooms and 60 villas, alongside an aqua park, sports facilities, restaurants, a ballroom and a spa. Construction is complete, with a soft opening planned within 30 days.
Jazal chairman Hafez Bashir said the two companies also plan to sign management agreements for three additional hotels in Egypt, citing the Turkish group's confidence in the country's tourism market.
The second agreement is a partnership between PRE Group and Hilton to develop and manage a portfolio of hotel and branded residential projects with investments estimated at EGP 14 billion. The partnership is expected to add around 2,000 hotel rooms and residential units through 10 projects, comprising six hotels and four branded residential developments, to be located at Telal Sokhna, Jebal Sokhna, Telal Alamein and Ivory East. The projects will operate under five Hilton brands: Canopy, Tapestry Collection, Hilton Hotels and Resorts, DoubleTree by Hilton and Hilton Garden Inn.
PRE Group founder and chief executive Walid Zaki said the projects are expected to generate thousands of direct and indirect jobs once fully operational, in addition to supporting foreign currency inflows and tax revenues. Hilton's president for the Middle East and Africa, Guy Hutchinson, said the partnership reflects the group's confidence in Egypt's tourism prospects, noting that Hilton has operated in the country for more than 65 years.
The agreements come as Egypt seeks to raise its hotel capacity to 300,000 rooms and attract around 30 million tourists annually by 2030 under its national tourism development strategy.