Travco begins development of four hotels worth a combined USD 120 mn

Tourism developer Travco has begun construction on four hotels in Marsa Alam, Marsa Matrouh, Safaga, and Hurghada worth a combined USD 120 mn, Travco chief Hamed El Chiaty said, according to Al Borsa. The company plans to complete development on the hotels in 2018, with an eye towards opening the hotels in 2019. Travco is in talks with banks to help finance the project.