Real estate developer Al-Borouj Misr has signed a contract with Accor, a French multinational hospitality company, to manage Mövenpick Hotel in the Sixty Iconic Tower at the New Administrative Capital.
The Sixty Iconic Tower was built on 13,000 sqm, comprising of 45 floors, in addition to five underground floors for vehicle parks. It is located in front of the Central Business District (CBD), where the Iconic Tower is located, the tallest in Africa.
In a press conference last Thursday, Vice-Chairperson of Al-Borouj Misr, Mohamed Assy, said that this contract comes within the company’s vision and strategy based on diversifying its investment portfolio and cooperating with the largest partners globally.
Assy added that the Mövenpick Hotel in the Sixty Iconic Tower will be the first five-star private sector hotel in the New Capital. He added that the hotel’s capacity will be 190 keys, in the last 10 floors of the Sixty Iconic Tower. The serviced residencies will be also managed by Mövenpick.
He pointed out that the company sold about 75% of the project with a sales value of approximately EGP 2bn, noting that the project’s services area reached 20,000 sqm with sales estimated at EGP 1.5bn.
Moreover, the company is developing six projects in the New Capital and has directed EGP 3.5bn in construction works of its projects in the city, Assy disclosed.
Frank A. Naboulsi, Vice President Operations, Egypt at AccorHotels, said that his company’s cooperation with Al-Borouj is the former’s third contract in the New Capital and the first of its kind with a private company in the city.
Naboulsi added that AccorHotels aims to establish 20 international hotel brands in Egypt in the next five years.