On 11 August, International Hotel Investments plc announced that its subsidiary CHI Hotels and Resorts concluded an 15-year agreement to operate a second hotel in Sharm El Sheikh, Egypt as from 1 October 2010. The Ramada Plaza – Naama comprises 254 beds and also includes a private beach among other facilities.
CHI’s CEO, Mr Tony Potter commented that this is the second hotel agreement within one year in Egypt. Moreover, Mr. Potter also explained that CHI is now looking forward to the opening of the third CHI management property in Egypt. This third property will be the luxurious Corinthia Resort Hotel, which together with the Tiran Island Hotel and Residences, will complete the upscale Corinthia Beach Resort in Montazah, Sharm El Sheikh.
The 600-room four star Tiran Island Hotel is the first hotel CHI managed in Egypt. Mr. Potter revealed this hotel performed well over the past year, encouraging CHI to further explore other opportunities in this vastly popular country of Egypt.