The Latif Group of Companies has signed a management agreement with Marriott International to open the Ritz-Carlton, Sharm el Sheikh Resort on the Sinai Peninsula. The $600-million, 252-room hotel is expected to open by 2020.
“This is a momentous time for Egypt as we focus on the longer term investment and the development of tourism,” Nasser Abel Latif, founder and chairman of the Latif Group of Companies, said at the signing. “I am excited to be partnering with Marriott International in bringing the iconic hotel brand to the Sinai Peninsula.”
“This is the latest in a series of important landmark hotel signings and openings we have made in Africa, in Egypt in particular,” Alex Kyriakidis, president and managing director, Marriott International, Middle East and Africa, said. “We believe in Egypt, and we are thankful to our owners and partners, Latif Group of Companies, who have helped further our vision for growth and prosperity in this enigmatic country.
That year will see another luxury hotel come to Sharm el Sheikh. Nearly a year ago, Starwood Hotels & Resorts announced plans to bring its W Hotels brand to Egypt in 2020 with the opening of W Sharm El Sheikh and The Residences at W Sharm el Sheikh. Owned by Tower Prestige for Hotels SAE, the hotel will be located at Nabq Bay, overlooking the Straits of Tiran.
The investment is good news for a beleaguered industry: In October last year, a Russian plane crashed in Sharm el Sheikh, and the country’s tourism scene plummeted. In January 2016, an official at the Ministry of Investment said that the holding company for Tourism and Hotels would conduct revision, development, and modernization of the infrastructure of its hotels until tourism recovers. This way, it would be able to provide better services and raise their revenues in the future.
Photo by IgorSPb