Turkish operator Titanic Hotels has signed an agreement to manage a $180m luxury resort in Sharm El-Sheikh, Egypt.
The agreement was signed in the presence of Egyptian Prime Minister Mostafa Madbouly and marks the entry of Titanic Hotels’ Titanic Luxury Collection brand into Egypt, according to the Egyptian cabinet.
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The resort was developed entirely with Egyptian investment. It has 560 rooms and 60 villas situated along a 1km beach.
The property includes sports grounds, an aqua park, a banquet hall, a spa, and several restaurants, two of which will enter the Egyptian market for the first time.
The resort, slated to begin a trial opening within 30 days, is classified as an ultra-luxury five-star property.
Construction and operational fit-out have been completed, while final preparations for the trial opening are ongoing.
Titanic Hotels’ managing director signed the agreement with Hafez Bashir, chairman of Gazal for Real Estate and Tourism Investment, the Egyptian joint-stock company that owns the project.
The cabinet said Gazal selected Titanic Hotels after seeking to bring a Turkish hotel brand to the project. The company has committed to meeting the operator’s standards for luxury and quality.
Egypt has estimated that it needs an additional 160,000 to 180,000 hotel rooms to meet its tourism targets.
Bashir said Gazal and Titanic Hotels intend to sign management agreements for three further hotels in Egypt.
In July, Prime Minister Madbouly witnessed a separate agreement covering 11 Marriott hotels and resorts with more than 1,800 rooms.
