ADTIC develops a hotel overlooking the Pyramids with investments exceeding $80m
Abu Dhabi Tourism Investment Company (ADTIC) was established in Egypt in 1988 and specializes primarily in hotels in Sharm El-Sheikh, Hurghada, and the Pyramids area. ADTIC is the result of investment cooperation between the Arab Republic of Egypt and the United Arab Emirates.
Currently, ADTIC is renovating two hotels in Sharm El-Sheikh and Hurghada with investments totaling approximately $81m, according to Yahya Kotb, the CEO of the company.
Kotb also mentioned that the company is developing a large hotel directly overlooking the Pyramids and the Grand Egyptian Museum, with investments exceeding $80m. This brings the total current investments in the three hotels to around $161m.
Regarding the Sharm El Sheikh Hotel, Kotb stated that the cost of renovation is approximately $41m. The first phase of renovation is set to be completed in December of this year, with the second and final phase finishing in May of next year. The Movenpick Sharm El-Sheikh hotel has a total of 298 rooms.
Kotb further explained that the renovation of the Hurghada Hotel will cost approximately $40m. The hotel will be rebranded, possibly bearing the name Movenpick (formerly Mercure). Renovation work is scheduled to begin in April 2024, and the hotel, operated by Accor, will have a total of 469 rooms. Additionally, there are plans to develop a large hospitality project on adjacent land, with details to be determined by the end of the third quarter of next year.
The company is also preparing for an expansion phase of the Movenpick Sharm El-Sheikh hotel within the next three years, which will begin once the hotel is fully renovated. This expansion phase will include adding 120 rooms.
Furthermore, ADTIC intends to establish a large hotel project on the land adjacent to the Mövenpick Hotel Sharm El Sheikh, offering a variety of hotel services to meet the needs of tourists in the future.
The Pyramids hotel is currently being redesigned by an international English company and will be rebuilt as a five-star brand. Licenses are currently being obtained, and construction is planned to begin in April 2023. The hotel will be operated by Accor and is likely to be named “Sofitel Legend,” similar to the “Old Cataract” hotel in Aswan. It is expected to have around 302 rooms, all overlooking the Pyramids and the Grand Egyptian Museum. ADTIC plans to open the hotel in August 2026.