Talaat Moustafa to set up Four Seasons-branded Luxor hotel under PPP contract

Talaat Moustafa Group (TMG) signed a contract with the Egyptian General Company for Tourism and Hotels (EGOTH) that will see TMG subsidiary Icon establish the planned Four Seasons-branded hotel in Luxor under a PPP framework, TMG said in a regulatory filing (pdf). The 200-room hotel is expected to cost up to EGP 1.5 bn. TMG will cover the full cost of construction, which is expected to take three and a half years, through equity, Moustafa said in a press conference. EGOTH will provide and retain ownership of the land for the hotel, while TMG will own the building under a revenue-sharing model. Separately, TMG said it is currently in talks over an unspecified project in the new administrative capital, according to a EGX filing (pdf).