Madbouly reviews development plans for 7 historic hotels under IPO program

Updated 6/17/2025 6:06:00 AM

Arab Finance: Prime Minister Mostafa Madbouly held a meeting to follow up on the development plans for seven historic hotels previously offered under the government’s initial public offering (IPO) program, as per a statement.

The meeting focused on efforts by the Arab Company for Tourism and Hotels Investments (ICON), a subsidiary of Talaat Moustafa Group Holding (TMG), to manage and upgrade these landmark properties in partnership with the private sector.

The hotels are Sofitel Legend Old Cataract Aswan, Mövenpick Resort Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir, Steigenberger Cecil Hotel Alexandria, Marriott Mena House Cairo, and Marriott Omar Khayyam Zamalek.

Minister of Tourism and Antiquities Sherif Fathy, Minister of the Public Business Sector Mohamed Shimi, Minister of Investment and Foreign Trade Hassan El-Khatib, and TMG CEO Hisham Talaat attended the meeting.

The discussions addressed the ongoing renovation and modernization efforts aimed at restoring these properties while preserving their architectural and cultural heritage.

The development plan is designed to enhance the hotels’ tourism value, attract a broader international visitor base, and strengthen their global positioning.

In December 2023, ICON signed the final agreements for the acquisition and full management rights of a 39% stake in Legacy Hotels.

Legacy Hotels is a joint venture between The Sovereign Fund of Egypt's (TSFE) Tourism, Real Estate, and Antiquities Sub-fund and the Egyptian General Company for Tourism and Hotels (EGOTH), and it has a unique portfolio of the seven hotels.