Travco’s subsidiary acquires 2 hotels, 6 cruise ships for EGP 3.5B: CEO
Updated 12/25/2023 7:25:00 AM
Arab Finance: Jaz Hotel Group, a subsidiary of Travco Group, has acquired two hotels near the Pyramids area and six cruise ships worth a total of EGP 3.5 billion, the group’s CEO Alaa Akel told Al Borsa News.
The two hotels are Jaz Palmira, formally known as Cataract, with a capacity of 400 rooms and Jaz Pyramids Resort, previously known as Oasis, with a capacity of 300 rooms, Akel noted.
He added that the group aims to renovate and boost the efficiency of both hotels, as renovation works at Jaz Palmira hotel are set to be finalized by the summer, while works at Jaz Pyramids Resort will take a little longer.
Furthermore, the group will revamp the newly-acquired ships, bringing the number of its fleet of cruise ships to 26 ships.
Akel pointed out that the group is planning to inaugurate its EGP 6 billion Giza Palace hotel in February, with a capacity of 560 rooms.
He added that the finalization of construction works of seven new hotels is underway, as they are set to be wrapped up in 2024 with a total capacity of 3,000 hotels.
Akel highlighted that this could bring the group’s total room capacity to 20,000 rooms by October 2024.
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