ADD Properties is expanding its partnership with US hospitality giant Hyatt Hotels with a new 400-key hotel in the works, under an MoU for the USD 265 mn Giza project, according to a cabinet statement. The Sami Saad Holding subsidiary also looks likely to get a USD 110 mn senior loan from the European Bank for Reconstruction and Development to fund the hotel overlooking the Giza Pyramids and Grand Egyptian Museum, according to the project overview from the lender.

The funds will also be used elsewhere to help the developer refinance or consolidate its existing debts and support other investments in capital expenditures, including land and building acquisitions, property asset renovations, and future capex financing.

REMEMBER- After a ten-year break from the county, ADD Properties — then known by the name Aldau Development — helped bring back Hyatt to the country with the grand opening of the Hyatt Regency Cairo West hotel at Pyramids Heights in 2022. The opening followed a franchise agreement inked between the two for the hotel back in 2019, after the US hotelier giant decided to come back to the country after the Arab Spring shock to the tourism market subsided.

DATA POINT- After adding 7.2k hotel rooms to the country’s total capacity last year, the government is planning to add another 19k hotel rooms this year to meet rising demand.

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