HOTEL101 Global Holdings Corp. will enter Africa through a country-wide development agreement in Egypt, starting with a P6.44-billion hotel project in Cairo’s western district.
“The development is subject to customary governmental, regulatory, corporate and other approvals,” the Nasdaq-listed company, a unit of DoubleDragon Corp. (DD), said in a statement on Wednesday.
Hotel101-Cairo West will have about 750 rooms on a 15,984-square-meter site along Ahmed Zewail Road in 6th of October City, Giza. The project is targeted for completion by 2029.
Hotel101 signed the agreement with WNTR Property & Hospitality, an affiliate of IGI Holding, an Egyptian group with interests in manufacturing, petroleum, construction and real estate.
The hotel will be about 10 minutes from the Giza Pyramids and the Grand Egyptian Museum.
Hotel101 said the property is expected to rank among Cairo’s three biggest hotels by room count.
The project will offer four-star accommodations and include facilities for business events such as a ballroom, meeting rooms and a conference center.
Amenities are expected to include restaurants, swimming pools, a gym, a business center, a children’s playground, parking facilities and luggage storage.
IGI Developments, IGI Holding’s property unit, has been building residential communities in Egypt since the mid-1990s and has a land bank of about 2.5 million square meters.
The Egypt project is part of Hotel101 Global’s overseas expansion. The company began operating Hotel101-Madrid in Spain in March and is scheduled to open a 482-room hotel in Niseko, Hokkaido, Japan in December.
DoubleDragon shares closed unchanged at P11.70 each. — Alexandria Grace C. Magno