Thursday, April 18, 2024

Rotana expands Egypt portfolio with two new properties

Rotana Group has signed new management agreements with Al Marasem Development and Marina Way Lagoon for two new properties – Lake Residence, serviced apartments in New Cairo which will also mark Rotana’s debut in the capital city and Marina Bay, Hotel Apartments in Alamein, North Coast.   

Al Marasem Development and Marina Way Lagoon partnered with Rotana to manage and operate the hotel projects, capitalising on the brand’s legacy and its experience in operating hospitality brands in the region.

Rotana Chairman Nasser Al Nowais said: “We are delighted to partner with Al Marasem Development and Marina Way Lagoon, one of the largest players in Egypt’s real estate sector.”

“Egypt has always been a strategic market for Rotana as it is one of the world’s leading tourism destinations. These projects allow us to bring the world-class services and amenities of the Rotana brand to Egypt and provide us with the opportunity to strengthen our presence in the market,” Al Nowais added.

“The two new projects are a testament to Rotana’s continued commitment to reinforcing the hospitality sector with diverse offerings and immersive experiences,” a Rotana spokesperson said.

“Egypt is witnessing unprecedented progress in various economic and development sectors, with the Egyptian government adopting a clear vision to stimulate economic growth and attract Arab and foreign investments, especially within the real estate development sector,” the spokesperson added.

The first contracted project, Lake Residence under Al Marasem development is located within the Fifth Square project in New Cairo. The second project is Marina Way Lagoon’s ‘Marina Bay’ which extends over an area of 14,120m within the Marina El Alamein tourism hub on the North Coast.

The new properties are part of the company’s pipeline of 40 upcoming projects including 10 that will deliver in the next three years over 3,000 keys to the market.

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