Arab Finance: The Arab Company for Tourism and Hotels Investments (ICON), a subsidiary of Talaat Moustafa Group Holding (TMG), has completed the procedures of raising the capital of Legacy Hospitality and Touristic Development, as per a filing.

This came after fulfilling the terms and conditions stipulated in a previous agreement and paying the transaction’s value.

Accordingly, TMG now holds a majority stake of 51% in Legacy Hotels with full management rights.

Moreover, the transaction will increase TMG’s operational hotel room base in Egypt by 2,500 rooms, bringing ICON’s room capacity to 5,000.

On February 11^th, ICON wrapped up a deal for the acquisition and full management rights of a 51% stake in Legacy Hotels.

The takeover deal is set to double ICON's consolidated hotel revenues in US dollars to over $250 million in 2024.

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