{"id":613332,"date":"2024-01-14T00:00:00","date_gmt":"2024-01-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/adq-acquires-stake-in-7-egyptian-historic-hotels-through-40-5-share-in-tmg-subsidiary\/"},"modified":"2024-01-14T00:00:00","modified_gmt":"2024-01-14T00:00:00","slug":"adq-acquires-stake-in-7-egyptian-historic-hotels-through-40-5-share-in-tmg-subsidiary","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/14\/adq-acquires-stake-in-7-egyptian-historic-hotels-through-40-5-share-in-tmg-subsidiary\/","title":{"rendered":"ADQ acquires stake in 7 Egyptian historic hotels through 40.5% share in TMG subsidiary"},"content":{"rendered":"

ADQ invests big in historic hotels:<\/strong> Abu Dhabi wealth fund ADQ and its subsidiary Adnec Group will take part-ownership of several luxury Egyptian hotelsafter it signed an agreement to acquire 40.5% of Icon, the hospitality arm of Talaat Moustafa Group (TMG), through a capital increase, ADQ said in a statement<\/a> on Friday without disclosing the value of the transaction. ADQ will own a stake in Icon\u2019s existing portfolio including the recently-acquired seven historic hotels.<\/p>\n

Remember: <\/strong>Icon acquired a 39% stake in seven historic hotels under the state privatization program in December, with plans to eventually hold a 51% stake in the hotels, bringing the transaction\u2019s value to USD 800 mn. The seven hotels include the Cairo Marriott Hotel inZamalek, Marriott Mena House, Steigenberger Hotel El Tahrir Cairo, Steigenberger Cecil Alexandria, Sofitel Legend Old Cataract Aswan, M\u00f6venpick Aswan, and Sofitel Winter Palace Luxor.<\/p>\n

Added to Icon\u2019s existing portfolio, Icon will have 5k rooms and 15 luxury assets<\/strong> nationwide.<\/p>\n

Icon already owns some of Egypt\u2019s most well-known properties and has four more in the pipeline. <\/strong>Its existing portfolio includes two Four Seasons properties in Cairo and one each in Alexandria and Sharm El Sheikh as well as the Kempinski Nile Hotel. It has additional properties in development or design in Cairo, Luxor, and Marsa Alam.<\/p>\n

We might have an idea about the value of the new transaction: <\/strong>TMG last month said that an \u201cinternational strategic investor\u201d would acquire a minority stake worth USD 882.5 mn<\/a> in Icon via capital increase, giving it an indirect stake in the hotels. This will result in \u201cone of the largest foreign direct inflows into Egypt in the last several years,\u201d TMG said at the time. <\/p>\n

What\u2019s the money for? <\/strong>The proceeds from the transaction will go towards deleveraging Icon\u2019s existing debt and to pay for the acquisition of the historic hotels from the government, according to ADQ.<\/p>\n

Advisors: <\/strong>EFG Hermes sole financial advisor to TMG Holding on both ADQ and Adnec\u2019s acquisition of a stake in Icon and was sole financial advisor to TMG on its acquisition of the heritage hotels from the Government of Egypt. White & Case UAE and Egypt were legal counsel to ADQ and Adnec, while Gibson Dunn, Sarie El-Din & Partners, and Shahid Law were counsel to TMG.<\/p>\n","protected":false},"excerpt":{"rendered":"

Abu Dhabi wealth fund ADQ acquired a 40.5% stake in Icon<\/p>\n","protected":false},"author":1,"featured_media":613333,"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":[7363],"tags":[299,72,125,7128,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-613332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-adq","tag-enterpriseam","tag-investment-watch","tag-ma-watch","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"da7d1aaa-b189-4790-a50f-17cb44561f71","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/751.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADQ acquires stake in 7 Egyptian historic hotels through 40.5% share in TMG subsidiary","related_issue":[613325],"teaser":"Abu Dhabi wealth fund ADQ acquired a 40.5% stake in Icon","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.5a9d0ed4-a9bf-469d-9308-8b543418be56.mp3"},"yoast_head":"\nADQ acquires stake in 7 Egyptian historic hotels through 40.5% share in TMG subsidiary - 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\/2024\/01\/14\/adq-acquires-stake-in-7-egyptian-historic-hotels-through-40-5-share-in-tmg-subsidiary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADQ acquires stake in 7 Egyptian historic hotels through 40.5% share in TMG subsidiary\" \/>\n<meta property=\"og:description\" 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PLUS: News from B Investments, Talaat Moustafa Group, ADIB, Mashreq, Madinet Masr, Idea Verde, Azimut","author":"enterpriseam admin","date":"4 March 2024","format":false,"excerpt":"The investment will fund Basata\u2019s regional expansion plans","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/167.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609193,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/01\/adq-finalizes-acquisition-of-stakes-in-state-run-petchem-drilling-companies\/","url_meta":{"origin":613332,"position":3},"title":"ADQ finalizes acquisition of stakes in state-run petchem, drilling companies","author":"enterpriseam admin","date":"1 November 2023","format":false,"excerpt":"The Emirati wealth fund acquired 25-35% stakes in the three state-run firms for USD 800 mn","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1541.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575584,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/20\/abu-dhabi-sovereign-wealth-fund-invests-usd-1-bn-in-lulus-egypt-expansion\/","url_meta":{"origin":613332,"position":4},"title":"Abu Dhabi sovereign wealth fund invests USD 1 bn in LuLu\u2019s Egypt expansion","author":"enterpriseam admin","date":"20 October 2020","format":false,"excerpt":"INVESTMENT WATCH- Abu Dhabi\u2019s sovereign wealth fund ADQ Holding will invest USD 1 bn in retailer LuLu\u2019s Egypt expansion, the fund said in a statement. The non-binding agreement will see the Abu Dhabi-based retailer establish up to 30 hypermarkets and 100 mini markets, as well as logistics hubs and distribution\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/10\/201.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548239,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/delta-sugar-denies-its-the-subject-of-an-adq-takeover-bid\/","url_meta":{"origin":613332,"position":5},"title":"Delta Sugar denies it\u2019s the subject of an ADQ takeover bid","author":"enterpriseam admin","date":"1 August 2022","format":false,"excerpt":"ADQ is being linked to everyone right now: Delta Sugar has denied knowledge of a rumored acquisition bid by Abu Dhabi wealth fund ADQ, saying in a disclosure (pdf) to the EGX yesterday that it has not received any offers. A report in the domestic press last week that ADQ\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=613332"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/613332\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/613325"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/613333"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=613332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=613332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=613332"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=613332"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=613332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}