Prime Hospitality Management Group (PHMG) has contracted with New Speeco to manage 50 serviced units at the Marina Residence on the North Coast, Invest-Gate reports.

Moataz Amin, CEO of PHMG, says that the project is located in a prime location in New Alamein city. It comprises 50 units, consisting of fully-serviced hotel studios with various areas ranging from 60 sqm up to 150 sqm.

There are units that also feature services for people with special needs. Moreover, part of the units overlooks an outdoor swimming pool and the other part is for those, who seek calmness overlooking the resort project gardens.

Amin explains that the project is owned by New Speeco with all services available and “it will be the first integrated serviced apartment project in the new city at this level,” he says. He further notes that the launch will be from June 15, pointing out that the first phase of New Alamein city will lead to the area’s full operation throughout the year.

PHMG is managing the hotel apartment project, the second under its brand “Prime Residence”, following its first project featuring 40 serviced apartments in the Fifth Settlement area of New Cairo. The third project under the Prime Residence brand will be in Sheikh Zayed City in front of Zed Park, whilst the fourth is set to be at Eden Rock project New Giza by 2022.

“PHMG plans to expand the Prime Residence brand in New Alamein next year and manage 50 new units, as part of its plan to expand into new areas that do not have this type of high-quality, full-serviced apartments projects,” Amin says, adding that “This is in addition to being in existing markets to manage branded and serviced units according to distinguished Prime standards known locally and internationally.”

Atef Ayoub, chairman of New Speeco, mentions that his company specializes in the contracting sector. Established in 2002, it recently has decided to invest in the real estate sector in residential, as well as hotel and commercial projects. He also stresses that the cooperation with PHMG brings a new boost to the company, due to its high experience as they are specialized in this field to expand its projects in new areas, reach new customers, and provide distinguished services.

Ayoub points out that New Alamein will enter a new phase of continuous work and the presence of citizens throughout the year. This comes in the implementation of the state’s plan to transform it into a working city, and not only during the summer season. He notes that the state’s expansion in development encourages developers to expand in new areas and serve new customers.

PHMG specializes in managing serviced apartments, also known as holiday homes, basically furnished apartments with hotel services, according to the company’s press release on June 2.

PHMG undertakes hospitality and full fledge property management of units whose owners wish to lease them, whether individuals or companies and achieve a return on investment from them, especially with the group’s expertise in hospitality and property management.

The total number of serviced and branded units that the group currently manages is 132 units, distributed among four brands, namely: Prime Residence, Prime Holidays, Prime Inn, and Prime Select. These are located across Egypt, in Cairo, the North Coast, Ain Sokhna, and soon in El Gouna.