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Travco to invest EGP 3.8 bn in development of 11 hotels - Daily News Egypt

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Travco to invest EGP 3.8 bn in development of 11 hotels

Company is considering economic housing project in 6th of October City, says Chairman El Chiaty


Investment cost of the hotels to be established this year are EGP 750m (AFP PHOTO / KHALED DESOUKI)
Investment cost of the hotels to be established this year are EGP 750m
(AFP PHOTO / KHALED DESOUKI)

By Ahmed Saad

Travco Group plans to establish a number of hotel and tourism projects during the upcoming period as a result of witnessing a growth in Egypt’s tourism sector with investments that total EGP 3.8 bn.

Chairman of the company Hamed El Chiaty said that the recent Economic Summit had plenty in favour of the tourism sector.

He added that that the summit is a positive indicator of the Egyptian economy’s recovery, and improves the image of Egypt, as well as providing reassurance to tourists and tour organisers.

He further said that the time is right for promoting Egyptian tourism using modern methods in order to increase Egypt’s share in the global tourism market, reaching 30 million tourists over the next few years.

El Chiaty said the group would establish two new hotels this year in Sharm El-Sheikh and Hurghada, to add over 1,100 rooms and suites to its capacity, so that it would reach 14,000 rooms. The work on another nine hotels in the coming period in Sharm El-Sheikh, Soma Bay in Hurghada, Sahl Hasheesh, Safaga and Marsa Alam.

He added that the investment cost of the hotels to be established this year has been valued at EGP 750m.

Investment income in the sector is good, as El Chiaty put it, and Egypt has many big tourist advantages which make it active all year long. The country must also take advantage of that to raise the quality of the tourist services offered.

On the real estate development side, Travco Properties, announced plans to increase investments in the flagship project, Almaza Bay on the North Coast of Egypt. The entire project extends over an area of 6million sq m which currently includes five up and running hotels, 400 residential units together with multiple leisure facilities. Further development plans include two new five-star hotels and nearly 2000 residential units in future phases of the project.

This in addition to new development projects on a land bank exceeding 15 million sq m in prime destinations across Egypt to be unveiled in due time. Generally Travco Properties aims to develop new standards through establishing high-quality real estate developments where visitors as well as residents can enjoy the unique locations and facilities offered.

El Chiaty also shed light on the Sonata project, which is a stepping stone for Travco Properties into the economic housing sector in a step to affirm of its commitment to social responsibility. The project in 6th of October City is in the late stages of development and details are to be unveiled soon.

“We are sure that we can develop our economy to reach the level of before, or even better. Obviously Egypt is a country with various tourist attractions,” El Chiaty added.

“Travco Group will continue to focus on the Egyptian market. In order to develop the tourism sector, Egypt is dedicating a big amount of investments to improve the infrastructure within the high demand proposed for travelling to Egypt,” he said. “From Travco’s side, the company is working on expanding its activities in the European market, aiming to increase its marketing for Egyptian destinations.”

El Chiaty established Travco in 1979, with the company now considered one of the most important groups for tourism, travelling with the best hotels in Egypt. Travco annually attracts almost one million tourists to Egypt.

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https://dailyfeed.dailynewsegypt.com/2015/03/22/travco-to-invest-egp-3bn-in-development-of-9-hotels/
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