The European Bank for Reconstruction and Development (EBRD) has approved the provision of a USD 12 mn (EGP 192 mn) long-term loan to bankroll the construction of the second Hyatt-branded hotel in Egypt, located in west Cairo’s Pyramids Heights Business Park, Invest-Gate reports.
The loan, which is secured to ALDAU Development’s unit Al Dau Al Haram for Hotels Operations, will finance the construction, equipment, and operation of Hyatt Regency Cairo West, marking the return of the hospitality brand to Cairo, EBRD revealed in an official statement on August 4, noting that the project will cost almost USD 29 mn (EGP 467 mn).
With the last phase of refurbishment currently ongoing to open by year-end, the new 249-key hotel lies in close proximity to various corporations, landmarks, shopping malls, in addition to some renowned leisure and cultural attractions such as the Grand Egyptian Museum (GEM) and Giza Pyramids.
Aiming to be a go-to spot for meetings and conferences, the establishment will feature seven meeting rooms and a 500-guest grand ballroom, complemented by several outdoor function areas and the latest 360° digital projector technology. This comes along with five dinings, a fitness center, an open-air heated swimming pool, and a detached casino, the statement noted.
During the first six months of 2020, EBRD had invested EUR 459 mn (EGP 8.7 bn) in Egypt, which is nearly triple the EUR 166 mn (EGP 3.2 bn) amount doled out in the year-ago period, according to an earlier statement.
This makes the North African country account for nearly 10% of the bank’s total H1 2020 investments across the 38 economies in which it invests, which have now surpassed EUR 5 bn (EGP 95.2 bn).