(2017-04-26) Emaar Misr signs deal with The Address, Vida Emaar Misr for Development (EMFD) (“Emaar Misr” or the “Company”), the leading developer of premium lifestyle communities in Egypt, signed agreements with international hotel operators; “The Address” and “Vida” to operate two luxury hospitality establishments in Marrasi Marina located on Egypt’s North Coast.
The first parcel; assigned to The Address Beach Resort, Hotel and Serviced Apartments, will feature a 5- star hotel hosting 140 keys as well as 140 serviced apartments. The hotel will be built on a plot area of 84k
sqm with a total GIFA of 33k sqm.
The second parcel; assigned to Vida Marina Hotel, Serviced Apartments and Yacht Club, a 4-star hotel with 120 and 110 keys for hotel and service apartments, respectively. Allocated plot area is 57k sqm with a total GIFA of 24k sqm.
The total development cost of both hotels will exceed EGP 3 billion. Construction will start on Q4 2018. Expected launch date for both hotels is 2H 2022.
Emaar Misr has already started construction of The Address Golf hotel in 2H 2016 to be operational in 2019. This brings Marrasi one step closer to being an international all-year-round destination.
