Orascom Development Egypt (ODE) concluded the sale of Royal Azur and Club Azur Hotels as well as a land plot in the Makadi location at the Red Sea, for a total cash sum of EGP 408m ($22.8m) compared to the previously announced EGP 387.1m ($21.6m).
The sale will also result in the deconsolidation of EGP 260.1m of debt held on Royal for Touristic and Development Company, the former hotels’ proprietor company.
Furthermore, ODE announced that they are also about to finalise the documents for the completion of the sale of the Makadi Gardens Hotel, which was sold for EGP 114.7m ($6.4m).
“The conclusion of the sale is a solid testament to our continuous delivery of our strategy. We will continue to wisely invest our capital to drive growth and prioritise our time and resources to build a stronger and sustainable organisation,” said ODE CEO Khaled Bichara.