Marriott International Announces Landmark Agreement with Misr Italia Properties and People & Places for over 1,500 keys across Egypt

Marriott International, Inc. announced a landmark agreement with Misr Italia Properties and People & Places to develop nine total properties, representing over 1,500 keys, across Egypt's most sought-after coastal and urban destinations. The multi-deal agreement is designed to enhance the breadth of Egypt's hospitality experiences and luxury living offerings, while supporting the country's broader ambition to grow its tourism sector and reinforce its position as a compelling destination for international investment.

Spanning beach resorts, urban hotels and branded residences across Marriott's luxury and premium brands, the new projects are designed to serve the evolving needs of travelers and residents across Egypt, including brands such as The Ritz-Carlton Hotels, The Luxury Collection Hotels & Resorts and Autograph Collection.

"Egypt remains a strategic growth market for Marriott underpinned by strong tourism fundamentals, expanding infrastructure and increasing demand for premium hospitality and branded residential experiences," said Shady Hassan, Vice President, Development - North Africa, Marriott International. "This agreement underscores our long-term commitment to the market and our confidence in the country's continued growth trajectory. Together with Misr Italia and People & Places, we look forward to bringing a collection of distinctive hotels, resorts and branded residences to some of Egypt's most sought-after destinations, further enhancing the country's hospitality and real estate landscape."

Eng. Mohamed Khaled El Assal, Chief Executive Officer & Managing Director of Misr Italia Properties and Cofounder of People & Places commented, "Hospitality is a strategic pillar of our long-term growth vision. With investments exceeding EGP 56.7 billion, Misr Italia Properties and People & Places ambitious hospitality expansion plans are expected to create around 6,000 direct and indirect job opportunities while aiming to welcome approximately 373,000 tourists annually. Our vision extends even further, as we continue building a diversified hospitality platform that will shape the future of tourism and lifestyle destinations in Egypt."

"Our continued collaboration with Marriott marks a defining milestone in realising our hospitality ambitions. Together, we are bringing globally renowned brands to exceptional destinations across Egypt, with now over 1,800 hotel rooms and branded residences in our growing combined portfolio. Marriott's global expertise and trusted brands strengthen our ability to deliver world-class hospitality experiences and accelerate the execution of our broader long-term vision," added Karim Khaled El Assal, Chief Executive Officer & Managing Director of Misr Italia Properties and Cofounder of People & Places.

Anticipated projects include:

• Across Ras Al Hekma on the North Coast of Egypt to the east of Alexandria:
  • A hotel under The Ritz-Carlton brand is slated to offer 170 guest rooms, alongside a 268-unit Ritz-Carlton Residences, located within the beachfront community, The Med Ras El Hekma.
  • Situated within the integrated coastal destination of Solare Ras El Hekma, an Autograph Collection hotel, with 180 guest rooms will be adjoined by 250 Autograph Collection branded residences.
• Located at The Hills of One, a mixed-use development in Sphinx City within West Cairo, a Luxury Collection hotel is planned to offer 180 hotel rooms alongside 180 residences.
• Situated within Ain Sokhna's flagship beachfront development Kai Sokhna Red Sea, an Autograph Collection hotel, with 80 hotel rooms, will be co-located with 172 branded residences.
• A 100-room Autograph Collection hotel within Garden 8, a premiere lifestyle destination in East Cairo.

The announcement further strengthens the relationship between Marriott International and Misr Italia following the signing of Marriott Executive Apartments and a Westin Residences in 2022. The anticipated projects will be located within the Il Bosco development in Cairo's New Administrative Capital.

Misr Italia Properties and People & Places are working toward building a portfolio of approximately 50 hospitality assets by 2037, reinforcing its position as one of Egypt's leading developers of integrated hospitality and lifestyle destinations while supporting the country's tourism growth and economic development.