Travco subsidiary Jaz Hotel Group acquires 2 hotels near the Pyramids

Jaz Hotel Group’s EGP 3.5 bn expansion: Travco subsidiary Jaz Hotel Group has acquired two hotels near the Pyramids and six cruise ships for a total of EGP 3.5 bn, CEO Alaa Akel told Al Borsa.

Joining Jaz’s portfolio: The company has purchased Cataract Pyramids — to be rebranded to Jaz Palmira Pyramids — and Oasis hotels — rebranding to Jaz Oasis Pyramids, Akel said. Jaz Palmira will add 400 hotel rooms to the group’s portfolio, while Jaz Oasis Pyramids will add 300 rooms.

Update and upgrade: The group will work on renovating the hotels and aims to have Palmira Pyramids ready to receive guests by the summer. Work on Jaz Oasis is expected to take a little longer, he said without giving a timeline. The group will also upgrade its newly-acquired ships — which will bring the number of cruise ships under its ownership to 26.

Even more in the pipeline: The group plans to inaugurate its EGP 6 bn Giza Palace hotel in February. It will also wrap up construction on seven new hotels in 2024, which are expected to bring up the group’s room capacity to 20k rooms.

About Jaz Hotel Group: The group’s hotel portfolio currently stands at 59 hotels with over 15.6k rooms across Egypt. It operates hotels in Giza, Marsa Alam, Marsa Matrouh, Sharm El Sheikh, and Hurghada.