Talaat Moustafa Group Makes Historic Move in Egyptian Tourism with Acquisition of 7 Iconic Hotels
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As a leading conglomerate specialized in real estate development, Talaat Moustafa Group (TMG) has set a historic hotel triumph by acquiring a significant stake in a group of 7 historic hotels in a transaction valued at more than USD 800 million.
Prime Minister Moustafa Madbouly announced the conclusion of the sale, where TMG’s subsidiary, Icon Investments, now partially owns and manages a collection of seven historic hotels, those of which include Zamalek’s Cairo Marriott Hotel & Omar Khayyam Casino, Marriott Mena House Cairo, Steigenberger Hotel El Tahrir Cairo, Steigenberger Cecil Alexandria, Sofitel Legend Old Cataract Aswan, Mövenpick Resort Aswan, and Sofitel Winter Palace Luxor.
The parties of the company owning the hotels are, ICON Investment, The Sovereign Fund of Egypt (SFE) and the The Egyptian General Company for Tourism & Hotels (EGOTH).
Shahid Law Firm was honored to have taken part in this landmark transaction by handling the LDD along with drafting and negotiating the transaction documents.
Congratulations to TMG on making history in the Egyptian tourism and hospitality sector.
Special thanks to EFG Holding, EY, Amr & Partners Law Firm, Sarie Eldin & Partners Legal Advisors, Zulficar & Partners Law Firm, Abou Shoka Law, and the legal team of The Sovereign Fund of Egypt on a smooth collaboration that has been characterized by professionalism, expertise, and a shared commitment to excellence.
Last but not least least, a special thanks to Amr & Partners Law Firm for hosting the final negotiations that took place over 3 consecutive days (day and night).
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