Latif Group of Companies has signed a management agreement with Marriott International to bring The Ritz-Carlton, Sharm el-Sheikh Resort to the Sinai Peninsula.
The signing took place between Nasser Abel Latif, founder and chairman, Latif Group of Companies and Alex Kyriakidis, president and managing director, Marriott International, Middle East and Africa.
The US $600mn Ritz-Carlton, Sharm el-Sheikh is expected to begin operation by 2020 and is located in Sharks Bay.
The resort will have 252 rooms, including 12 villas, three restaurants including two speciality restaurants, a number of pools, a destination spa with private treatment suites and a range of water sports activities as well as the biggest shopping complex in Sharm El Sheikh.
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Marking the occasion, an event was held at The Nile Ritz-Carlton, Cairo.
Speaking at the event, Latif said: "This is a momentous time for Egypt as we focus on the longer term investment and the development of tourism in our beloved country. I am excited to be partnering with Marriott International in bringing the iconic hotel brand to the Sinai Peninsula.”
Kyriakidis noted: "This is the latest in a series of important landmark hotel signings and openings we have made in Africa, in Egypt in particular. We believe in Egypt, and we are thankful to our owners and partners, Latif Group of Companies, who have helped further our vision for growth and prosperity in this enigmatic country.
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