ADQ and Adnec to acquire a 40.5% stake in Egypt-based hospitality firm

ADQ and Adnec to acquire a 40.5% stake in Egypt-based hospitality firm

Icon has a track record of building and owning luxury hotels in Egypt, including - Four Seasons Cairo at Nile Plaza, Kempinski Nile Hotel Cairo, Four Seasons Sharm El Sheikh and Four Seasons Alexandria at San Stefano.

The company also has three hotels and luxury residential real estate assets currently under development, such as the Four Seasons in Madinaty and Luxor and Radisson Collection in Marsa Alam, and one hotel under design, the Four Seasons at The Pyramids.

This transaction represents a major foreign direct investment in Egypt and marks a strong vote of investor confidence in the Egyptian tourism and hospitality sector, said ADQ.

The investment by ADQ and ADNEC in TMG’s Hospitality arm will be used partially to deleverage Icon’s existing debt, with the remaining would be used for the acquisition of a stake through Icon in the portfolio of seven luxury heritage hotels owned by the Egyptian Government.

These assets include Marriott Cairo Omar Khayyam Zamalek, Marriott MENA House Cairo, Sofitel Winter Palace Luxor, Sofitel Legend Old Cataract Aswan, Steigenberger Cecil Hotel Alexandria, Steigenberger Hotel El Tahrir Cairo and Mövenpick Resort Aswan.

Post-transaction, Icon will have a combined portfolio of 15 luxury and upscale hospitality assets with