The seven hotels include Sofitel Legend Old Cataract Aswan, Sofitel Winter Palace Luxor, and more. Credit: Chastity Cortijo/Unsplash.com.

Talaat Mostafa Holding Group subsidiary ICON has agreed to acquire a 39% stake in Legacy Hotels, which owns seven hotels in the Egyptian cities of Cairo, Alexandria, Luxor, and Aswan.   

The properties involved in this transaction include the Sofitel Legend Old Cataract Aswan, Mövenpick Resort Aswan, Steigenberger Hotel Tahrir, Marriott Omar Khayyam Zamalek, Steigenberger Cecil Hotel Alexandria, Marriott Mena House Cairo, and Sofitel Winter Palace Luxor.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Legacy Hotels is a joint venture between The Sovereign Fund of Egypt’s Sub-Fund for Tourism, Real Estate Investment and Antiquities Development, and the Egyptian General Company for Tourism and Hotels (EGOTH).

Additionally, the agreement grants ICON rights to raise its shareholding in Legacy Hotels to 51%.

When the ownership percentage in Legacy Hotels Company reaches 51%, the value of the deal will reach $800m.

See Also:

ICON said it will fund the transaction from its internal resources.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

With this acquisition, ICON’s hotel portfolio will expand to 15 hotels with approximately 5,000 rooms, including those under development and construction.

EFG Hermes served as the sole financial advisor for the transaction.

The stake divestment is part of the Egyptian Government’s Initial Public Offering (IPO) programme.

Egyptian Prime Minister Mostafa Madbouly revealed that the country has garnered approximately $5.6bn from the sale of stakes in 14 companies under the IPO programme.