Beltone Leasing, a subsidiary of Beltone Financial Holding, revealed its strategic collaboration with Pickalbatros Hotels & Resorts Group, one of the largest hotel chains in Egypt and the MENA region, Invest-Gate reports.

The partnership involves a sale and leaseback transaction of the renowned Laguna Vista Beach Resort in Sharm El Sheikh, valued at EGP 750 mn.

The main objective of this agreement is to provide working capital financing for Pickalbatros Hotels & Resorts Group, which boasts a 30-year history in the industry.

Currently, the group operates a portfolio of 25 hotel properties across Egypt, including popular destinations like Hurghada, Marsa Alam, Sahl Hasheesh, Sharm El Sheikh, and three other hotels in Morocco.

Notably, this collaboration marks a significant milestone in the growth trajectory of both organizations and will contribute to the ongoing development of the hospitality sector in Egypt.

For his part, Amir Ghannam, CEO of Beltone Leasing, expressed his excitement about the partnership, stating, “We are thrilled to collaborate with Pickalbatros Hotels & Resorts Group on this transaction,” adding that “Beltone Leasing is a trusted financial services provider committed to supporting the growth and development of businesses in Egypt and the region.”

“This partnership exemplifies our dedication to providing innovative financing solutions that cater to the evolving needs of our clients,” Ghannam said.

Moreover, Kamel Abou Ali, Chairman of Pickalbatros Hotels & Resorts, commented on the collaboration, saying, “We are pleased to collaborate with Beltone Leasing. The financing will enable us to enhance our working capital and further expand our hotel portfolio, strengthening our position as a leading hospitality brand in Egypt and the MENA region. We look forward to a fruitful partnership with Beltone Leasing.”