Ritz to manage new Egypt resort
Cairo, August 12, 2008
Emaar Misr for Development, the wholly-owned subsidiary of Emaar Properties, has signed an MoU with The Ritz-Carlton Company to manage a beachfront resort in Marassi, Egypt.
The resort is scheduled to open in 2012.
The 6 km seafront land featuring the luxury resort is considered among the finest beaches in the region and stretches across the picturesque Sidi Abdel Rahman Bay on the Mediterranean.
Sameh Muhtadi, chief executive officer, Emaar Misr for Development, and Bob Kharazmi, senior vice president – The Ritz-Carlton International, signed the MoU, in Cairo, recently.
As per the MoU, the proposed development will include a 150-room resort and 50 private villas, all in close proximity to a world-class golf course.
Muhtadi said: “Marassi is one of the premier mixed-use communities in Egypt, and every component of this world-class project has been carefully planned to create a distinctive lifestyle experience. Sidi Abdel Rahman is the most historic beach in Egypt and is a much-preferred Mediterranean tourist destination. Our MoU with The Ritz-Carlton calls for developing a luxury resort to further consolidate Marassi’s appeal to tourists and residents, and contribute to the region’s prosperity.”
Kharazmi said: “The Ritz-Carlton is very excited at the prospect of developing Marassi, in partnership with Emaar Misr. We have set benchmarks for outstanding service and surroundings throughout the world including the Middle East. With the exceptional beachfront location, the many luxury amenities available and the ease of access from key European nations, this is a project with great potential for the growing collection of signature Ritz-Carlton resorts.”
Marc Dardenne, Chief Executive Officer for Emaar Hospitality Group, said: “Emaar Hospitality Group works with global partners to ensure the highest standards in hospitality and leisure in Emaar’s master-planned communities. The Marassi resort, managed by The Ritz-Carlton, will be a sterling addition to the roster of Emaar Hospitality Group.”
The EGP9.92 billion ($1.74 billion) Marassi is a Mediterranean-styled self-sustaining lifestyle neighbourhood, easily accessible from Alexandria Burj El Arab and El Alamein airports, both offering direct connections to major European cities. The project is also in easy proximity to historic sites and offers residents the choice of desert safari, eco-tourism and diving pursuits.-TradeArabia News Service