TMG’s ICON completes acquisition of 51% stake in Legacy Hotels
Updated 2/11/2024 10:36:00 AM
Arab Finance: The Arab Company for Tourism and Hotels Investments (ICON), a subsidiary of Talaat Moustafa Group Holding (TMG), has wrapped up a deal for the acquisition and full management rights of a 51% stake in Legacy Hotels, as per a disclosure on February 11th.
The takeover deal is set to double ICON's consolidated hotel revenues in US dollars to over $250 million in 2024.
The increase in revenues is expected to carry on over the next few years.
Legacy Hotels is a joint venture between TSFE’s Tourism, Real Estate, and Antiquities Sub-fund and EGOTH, and it has a unique portfolio of seven hotels.
The seven hotels are namely 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.
In December 2023, ICON sealed the final agreements for the acquisition of 39% stake in Legacy Hotels.
It was previously mentioned that the deal's value would hit $800 million when ICON’s ownership in the historic seven hotels reaches 51%.
Related News
