Mabany Edris acquires InterContinental Hotels and Resorts International (IHG) to manage the Holiday Inn hotel, the first internationally managed hotel at its Asaila compound in the heart of Upper Egypt in the New Assiut City, Invest-Gate reports. 

The signing took place in the presence of officials from the New Urban Communities Authority, the Ministry of Tourism, the head of the New Assiut City Authority, and representatives from Mabany Edris and Intercontinental International. 

The Holiday Inn Asaila hotel in New Assiut is set to become the third Holiday Inn hotel in Egypt, and its first hotel in Upper Egypt, including 157 hotel rooms overlooking a strategic location near the city of Assiut, the Nile River and the most prominent cultural landmarks of the city.

The hotel is a 4-star category with 5-star services and is expected to open in 2024 with an investment of EGP 250 mn. It aims to be an ideal destination for tourism, entrepreneurs and entertainment. It includes fully equipped guest rooms, four meeting rooms, a ballroom, and three ballrooms; in addition to a spa, fitness center, and a swimming pool for relaxation. 

Vice President of the Urban Communities Authority for Commercial and Real Estate Affairs Eng. Mohamed Anwar says that the Holiday Inn hotel in New Assiut City is an important step in the desired development plan in Upper Egypt. 

He points out, “Asaila project by Mabany Edris in the heart of the new city of Assiut proved its success and that of the new city. It also demonstrates the real need and demand for luxury and above-average housing in the new city of Assiut.”

In a related context, Eng. Jihan Ammar, head of the New Assiut City Authority, says, “Upper Egypt has witnessed a major boom since President Abdel Fattah El-Sisi took office. The city has seen many major development projects since then.” 

For his part, Abdel-Fattah Al-Asi, deputy Minister of Tourism and Antiquities for the control of hotel facilities, says, “The “Holiday Inn” in Asaila is the first managed hotel in Assiut, and this will contribute to motivating investors to enter the city and stimulate the development plan.” He points out that the Ministry of Tourism is adopting strategies to cooperate with the private sector in the tourism sector and to provide them with technical support. 

Mohamed Edris Chairman of the Board Mohamed Edris confirms that the Holiday Inn Asaila hotel is in line with the plans and directions of the state to develop the cities of Upper Egypt, which suffered for years from deprivation of distinguished real estate and recreational services. 

He stresses that Asaila contributed in a record time in raising added value of the new city of Assiut, which stimulated many investments to enter the city and implement real estate and service projects. 

In the same regard, Haitham Mohamed Matar, head of India, Middle East and Africa at InterContinental Hotels and Resorts, stresses the group’s interest in cooperating with serious companies such as Mabany Edris. 

Matar adds, “We are looking forward to this new project with Mabany Edris, which has a lot of experience in the locally real estate sector.” He points out that the group seeks to work in more than one hotel in Upper Egypt and will not focusing on Cairo governorate only.