EBRD Arranges US$265 Million Financing Package for Egypt Hospitality Expansion

On 1 November, the European Bank for Reconstruction and Development announced a US$265 million financing package for ADD Properties to expand its hospitality portfolio in Egypt. The financing supports a 419-room Aldau Grand Egyptian Museum Hotel under the Grand Hyatt brand in West Cairo, along with upgrades to existing hospitality assets in West Cairo and Hurghada. IFC is contributing US$60 million to the package. The development is expected to support thousands of jobs and create demand for hotel suppliers, tourism operators, food-service companies and hospitality-management providers. HPC can support tourism-market research, supplier partnerships and hospitality investment planning.