{"id":549699,"date":"2022-09-27T04:00:01","date_gmt":"2022-09-27T04:00:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/pickalbatros-is-opening-three-new-red-sea-hotels-by-february\/"},"modified":"2022-09-27T04:00:01","modified_gmt":"2022-09-27T04:00:01","slug":"pickalbatros-is-opening-three-new-red-sea-hotels-by-february","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/pickalbatros-is-opening-three-new-red-sea-hotels-by-february\/","title":{"rendered":"Pickalbatros is opening three new Red Sea hotels by February"},"content":{"rendered":"

<\/a> Pickalbatros<\/strong> Hotels will open three new hotels in Hurghada and Marsa Alam by <\/strong>next February<\/strong>, Al Mal<\/a> quotes Pickalbatros Group Chairman Kamel Abou Ali as saying. Although Abou Ali did not disclose the total investment value for the projects, he did say that the cost per room is USD 80-120k. By our math, that suggests the group is spending somewhere between USD 229-344 mn on the hotels.<\/p>\n

In detail:<\/strong> The hotels include a 318-room property, which the company is reportedly expecting to become operational in the next few days, and a 1,500-room hotel and entertainment facility that will open its doors next month, both of which are in Hurghada. The third 1k-room hotel in Marsa Alam will be up and running in February 2023, according to Abou Ali. The company is separately mulling another four or five hotels, he said, without disclosing further details.<\/p>\n

Where the money\u2019s coming from:<\/strong> The first Hurghada hotel is partially self-financed, with the remainder of the cost coming from a portion of a EGP 800 mn loan the company secured last year from the National Bank of Egypt and Banque Misr, two sources with knowledge of the matter told Enterprise. The sources declined to disclose details on the funding for the remaining two hotels.<\/p>\n

Separately:<\/strong> The remainder of the EGP 800 mn loan, along with a USD 23 mn loan<\/a> the company secured from South African fund manager Vantage Capital last year, went towards working capital and to finance the acquisition and renovation of hotels from Balbaa<\/a> Group in Sharm El Sheikh and Marsa Alam, our sources told us. Pickalbatros had separately been looking to secure a USD 40 mn convertible loan<\/a> from Vantage Capital, but these talks have since fallen through, our sources confirmed.<\/p>\n

About <\/strong>Pickalbatros<\/strong>:<\/strong> The Egypt-based regional hospitality company<\/a> owns a total of 26 hotels with 14k rooms in Egypt and three properties with 1k rooms in Morocco.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pickalbatros Hotels will open three new hotels in Hurghada and Marsa Alam by next February, Al Mal quotes Pickalbatros Group Chairman Kamel Abou Ali as saying. Although Abou Ali did not disclose the total investment value for the projects, he did say that the cost per room is USD 80-120k. By our math, that suggests […]<\/p>\n","protected":false},"author":1,"featured_media":549700,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7377],"tags":[72,955,505,2475,7117,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tourism","tag-enterpriseam","tag-hospitality","tag-hurghada","tag-pickalbatros","tag-red-sea","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"089f2068-0344-48dc-a43f-04dd6d0c59cd","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/394.jpg","photo_position":"above","related_issue":[549687],"teaser":"","voice_url":""},"yoast_head":"\nPickalbatros is opening three new Red Sea hotels by February - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/27\/pickalbatros-is-opening-three-new-red-sea-hotels-by-february\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pickalbatros is opening three new Red Sea hotels by February\" \/>\n<meta property=\"og:description\" content=\"Pickalbatros Hotels will open three new hotels in Hurghada and Marsa Alam by next February, Al Mal quotes Pickalbatros Group Chairman Kamel Abou Ali as saying. 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The company will complete the necessary studies this quarter, and aims to begin building by 2Q2017, he added. Pickalbatros are set to\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":643963,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/jaz-hotel-group-to-invest-usd-215-mn-to-open-six-new-hotels-in-2025-plus-pickalbatros-expands-hotel-portfolio-across-morocco\/","url_meta":{"origin":549699,"position":1},"title":"Jaz Hotel Group to invest USD 215 mn to open six new hotels in 2025. 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Today, in place of our typical For Your Commute and Enterprise Recommends sections, we bring you the results of the Enterprise Fall 2022 Reader Poll, wherein we round up your outlooks on everything from investments and IPOs\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637137,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/08\/travco-and-albatros-to-open-two-hotels-in-marsa-alam-in-2018\/","url_meta":{"origin":549699,"position":4},"title":"Travco and Albatros to open two hotels in Marsa Alam in 2018","author":"enterpriseam admin","date":"8 November 2017","format":false,"excerpt":"Travco Travel Company of Egypt and PickAlbatros Group are planning to open two hotels in Marsa Alam next year with total investments of USD 154 mn,company heads told Al Shorouk. Travco plans to open a USD 120 mn 300-room hotel, Albatros hopes to launch its 480-room hotel it invested USD\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599478,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/14\/abu-auf-to-enter-ksa-this-year-plus-news-from-the-cbe-pickalbatros\/","url_meta":{"origin":549699,"position":5},"title":"Abu Auf to enter KSA this year? 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