Under the contract, initially disclosed in July 2023, the TMG, through its hospitality arm ICON, will increase the capital of Legacy Hospitality Company, the owner of the hotels.
The TMG said it has already transferred the agreed-upon deposit for considering the transaction to an escrow account in the Egyptian banking sector to transfer it to Legacy Hospitality, read the statement.
This deal is expected to expand the TMG's operational hotel rooms base in Egypt, adding 2,500 rooms. With this acquisition, ICON's total number of owned and to-be-developed rooms will reach 5,000, making TMG the largest luxury hospitality platform in the country, according to the statement.
ICON, which has a track record of building and owning Egypt's most luxurious hotels, owns four operational hotels: Four Seasons Cairo at Nile Plaza, Kempinski Nile Hotel Cairo, Four Seasons Sharm El-Sheikh, and Four Seasons Alexandria at San Stefano.