TMG Holding Inks Deals for 39% Stake in Egypt's Iconic Hotels

TMG HOLDING’S ICON HAS INKED DEFINITIVE AGREEMENTS FOR THE ACQUISITION OF A 39% STAKE WITH MANAGEMENT RIGHTS IN LEGACY HOSPITALITY, MARKING A STRATEGIC MOVE TO REVITALIZE SEVEN ICONIC HOTELS ACROSS EGYPT.

Talaat Moustafa Group Holding’s hospitality arm, ICON, has recently signed definitive agreements, paving the way for the acquisition of a 39% stake with full management rights in Legacy Hospitality Company. This strategic move positions TMG Holding as a key player in Egypt’s upscale hospitality sector.

In the presence of esteemed Egyptian officials, including Prime Minister Dr. Mostafa Madbouly, ICON finalized the share subscription agreement. The agreement also outlines a schedule for the stake to reach 51% within a specified timeframe, marking a significant step in TMG Holding’s growth strategy.

Legacy Hospitality, a joint venture between TSFE Tourism, the Real Estate and Antiquities Subfund, and EGOTH, underscores the collaboration with government entities. This strategic partnership aims to preserve the cultural heritage of seven iconic hotels, such as Sofitel Legend Old Cataract Aswan and Marriott Mena House Cairo.

TMG Holding: Shaping Egypt’s Hospitality Landscape

TMG Holding’s CEO, Mr. Hisham Talaat Moustafa, highlighted the venture’s potential to elevate Egypt’s hospitality sector. The plan includes modernizing these historic landmarks while maintaining their unique character, aligning them with other high-end projects.

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As TMG Holding executes its growth-oriented strategy, the acquisition of Legacy Hospitality strengthens ICON’s presence in the market. This move not only creates value for shareholders but also contributes to Egypt’s economic growth, positioning the company as a key player in the nation’s tourism sector.

TMG Holding’s commitment to preserving the cultural heritage of these hotels while infusing modern amenities unlocks the potential of Egypt’s historic landmarks. The revitalization plan ensures a balance between preserving the past and embracing the future, creating lasting value for the company and stakeholders.