International Hotel Investments plc - New Management Agreement in Egypt

On 9 September, CHI Hotels and Resorts (formerly known as Corinthia Hotels International), a subsidiary of International Hotel Investments plc issued a press release announcing the signing of a long-term management agreement with Cyrene Tourism Investment Corporation of Egypt for the operation of two new upscale properties, namely the Corinthia Hotel and the Tiran Island Hotel in the highly popular Egyptian resort of Sharm el Sheikh.  Sharm el Sheikh is a city situated on the southern tip of the Sinai Peninsula in Egypt and has become a leading tourist resort thanks to its dramatic landscape, year-round dry and temperate climate and long stretches of natural beaches.

The Corinthia Hotel will be a 220-room five star international deluxe property located directly on the stunning beach front in Montazah whilst the Tiran Island Hotel will be a 600-room four star hotel offering a broad selection of luxury hotel rooms.  Both hotels will form part of a major resort destination to be known as the Corinthia Beach Resort which will be operated by CHI Hotels & Resorts.  The Resort is built within beautiful landscaped gardens having a wide range of food and beverage products together with an extensive range of entertainment and sporting facilities such as private tennis courts and diving and water sport activities.

The management agreement was signed by Mr. Paul Pisani, Vice-President – Development of CHI and Mr. H. Mansouri, Chairman and CEO of the owning company Cyrene Tourism Investment Corporation of Egypt.  Mr. Mansouri stated that “CHI Hotels & Resorts’ worldwide experience and excellent reputation as a multi-brand hotel operator gives us the necessary confidence to entrust our multi-million dollar project to a very safe pair of hands, with a proven international track record.”

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