UAE Companies Acquire 40% of ICON to Operate Historic Hotels in Egypt
Emirati development holding companies, ADQ and ADNEC Group, acquire 40.5 percent stake in TMG hospitality subsidiary, ICON.
Emirati development holding companies, ADQ and ADNEC Group, have acquired a 40.5 percent stake in the hospitality arm of Talaat Moustafa Group (TMG) Holding, ICON Group. The acquisition will be executed through a capital increase, with ADQ and ADNEC investing via a special purpose vehicle. ADQ will hold 49 percent equity ownership, while ADNEC will have 51 percent.
ICON Group is a prominent player in Egypt's luxury and upscale hospitality market, renowned for its portfolio of celebrated luxury hotels, including Four Seasons Cairo at Nile Plaza and Kempinski Nile Hotel Cairo. More recently, ICON bought a 51% stake in state-owned hospitality company, E.G.O.T.H for USD 1.5 billion; thereby acquiring the operational and developmental rights to seven of Egypt's most luxurious heritage hotels, including Marriott Cairo Omar Khayyam Zamalek, Marriott MENA House Cairo, Sofitel Winter Palace Luxor, Sofitel Legend Old Cataract Aswan, Steigenberger Cecil Hotel Alexandria, Steigenberger Hotel El Tahrir Cairo and Mövenpick Resort Aswan.
Following the transaction, ICON will have a combined portfolio of 15 luxury and upscale hospitality assets, located in prime destinations such as Cairo, Luxor, Aswan, Sharm El Sheikh, and Alexandria.
