Thai hotel firm Minor Hotels & Resorts has signed a long-term joint-venture agreement to enter Egypt with Hurghada-based Sunrise Resorts & Cruises.
The agreement has a development target of 50 hotels in Egypt over the next 10 years, according to a news release. Markets under consideration include West Cairo; Azha Ras al Hekma on the Mediterranean coast 130 miles west of Alexandria; and Azha Ain al Sokhna on the Gulf of Suez, 85 miles southeast of Cairo.
Minor Hotels is part of Minor International and its hotel brands include Nhow Hotels & Resorts, Oaks Hotels & Resorts Tivoli Hotels, Resorts and Suites and NH Hotels & Resorts.
The Prime Minister of Egypt, Mostafa Madbouly, was present at the signing, which took place in his office with executives of Minor, including founder and chairman William Heinecke.
The initial phase of the plan — in collaboration with Sunrise division Madaar Developments, will see Minor manage hotels and resorts that will include brownfield conversions — greenfield developments and the rebranding of existing Sunrise assets.
The joint venture includes Minor Hotels’ flagship luxury hotel brand, Anantara Hotels & Resorts, being developed in several destinations across Egypt.
Minor will also operate Sunrise’s cruise boats in Aswan and Luxor on the Nile River, adding to its experience in the cruise segment along the Chao Praya and Mekong rivers in Thailand and neighboring Laos.
Sunrise owns and operates 24 hotels, 13 of which are in Hurghada on Egypt's east coast, seven in Sharm el-Sheikh — both destinations on the Red Sea coast in Sinai — but it has no hotels in Cairo. The company has seven cruise boats, six of which are based in Aswan.
If all the hotels planned as part of the joint venture open, Minor would have a total portfolio of close to 700 hotels, with Egypt being its 60th country.
“Egypt’s tourism sector is experiencing remarkable growth fueled by increased investment and growing global interest. … Since founding Sunrise in 2002 we’ve focused on creating integrated, sustainable destinations that meet the highest international standards. This partnership signals strong global confidence in Egypt’s economy and directly supports the goals of Egypt’s Vision 2030,” said Hossam El Shaer, chairman of Sunrise and Madaar.