Egypt-based Orascom Development will build two Four Seasons hotels, one each in Egypt and Oman with an investment of $245m by the second half of next year.
The Egyptian hotel will be built in El-Gouna at a cost of $85m and will feature 150 rooms and 60 villas. It will be financed through a $61.4m mid-term loan, according to newspaper Al Mal.
The Oman hotel will cost $160m and will with 200 rooms and 75 villas.
Orascom is exploring the possibility of funding the Oman hotel through Omani corporate bonds, reports Reuters.