Egyptian tourism companies are expanding inside and out the country, with Pickalbatros acquiring four new hotels in Morocco and Jaz Hotel Group unveiling a USD 215 mn plan to open six new hotels next year.

JAZ HOTEL GROUP HAS BIG INVESTMENTS PLANS FOR NEXT YEAR-

New hotels from Jaz: Travco subsidiary Jaz Hotel Group plans to set up six new hotels, scheduled to open their doors next year, under a USD 215 mn investment plan, CEO and Chairman Alaa Akel told AlMal. The new hotels will add over 2.1k rooms to the company’s portfolio, pushing it to 20k.

The breakdown: The hotel group will set up two new hotels in the North Coast, two in Hurghada, and two in Marsa Alam. The company will make use of the government’s subsidized loan program for hospitality companies to help it fund the new projects alongside its own resources.

What loan program? The Madbouly government is offering hospitality players an EGP 50 bnsubsidized loan program to help them build and operate new hotels, expand existing properties, and repurpose buildings into hotels. The program offers financing at a reducing interest rate of 12%.

Jaz has been investing big: The group acquired two hotels near the Pyramids and six cruise ships worth EGP 3.5 bn last December.

Also in the pipeline: Jaz Hotels is in negotiations with the government’s Holding Company for Tourism and Hotels to take over the management and operation of two of its hotels. The company also has plans to expand internationally — it plans to set up three hotels in Tanzania’s Zanzibar with one slated to open its doors this year and the other two next year.

PICKALBATROS MAKES GOOD ON MOROCCO EXPANSION PLANS-

Pickalbatros had a busy year expanding across Morocco: Egypt-based hospitality group Pickalbatros Hotels & Resorts acquired four hotels in Morocco this year, pushing its portfolio in the country to seven hotels and 2.6k rooms, CEO Kamel Abou Aly told Asharq Business without disclosing the value of the acquisitions.

The new additions: The new additions to the company’s portfolio include Sangho Club, Palmeraie Palace, and the Hotel Du Golf all of which are in Marrakech as well as Palais des Roses in Agadir. Some of the hotels will undergo renovations and reopen their doors next year, Abou Aly added.

Remember: The group first let us in on its plan to expand in Morocco last year, when Abou Aly said the group will invest USD 140 mn through 2025 to increase its hotel capacity.

More to come? The group is still looking for additional investments in the country, seeing as the kingdom has great tourism potential, Abou Aly said.

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