Jaz Hotel Group announced the signing of two management agreements for Sharm Dreams Resort and Al Fayrouz Resort owned by Sharm Dreams for Touristic Investment & Rowad Misr for Tourist Investment, respectively.
The Chairperson of Travco Group International Holding, Hamed El Chiaty, signed the management agreements with Hamada Abo El Enein, chairperson of Sharm Dreams Group, on Thursday at Steigenberger Hotel, El Tahrir Cairo.
Chief financial officer of Sharm Dreams Amr Helmy told Daily News Egypt that under the management contract signed with Jaz Hotels, Sharm Dreams Resort in Nema Bay, Sharm El Sheikh, is expected to generate annual revenues of more than EGP 2bn, and Al Fayrouz Resort to generate annual revenues of EGP 1.5bn, according to the operating rates expected by Jaz management company, over the first 10 years of operation.
Helmy added that Jaz’s management contract includes a plan for the development of the two hotels aimed to develop hotel rooms and the overall access to the highest levels of hotel quality, enabling them to compete globally.
Helmy explained that Al Fayrouz hotel is owned by Rowad Misr for Tourist Investment, which is owned by Sharm Dreams by 99.5%.
”Sharm Dreams Group is continuously committed to providing the highest standards of quality across its portfolio of hotels by partnering with reputable management companies such as Jaz Hotel Group. Therefore, we shall undertake a comprehensive renovation plan to upgrade the existing properties to the highest standards of the hospitality industry,” Abo El Enein stated.
On the other hand, CEO of Jaz Hotel Group Alaa Akel said, “Jaz Hotel Group is promising to continuously strengthen its footprints of hospitality standards and service excellence in Egypt and the Middle East.”
Sharm Dreams Group is a real estate and tourist developer with an existing portfolio of six hotels and resorts, located in prime tourist destinations across Egypt.
Jaz Hotel Group has been selectively chosen to manage both Sharm Dreams and Al Fayrouz Resorts, complementing the chain’s existing hotels in Sharm El Sheikh.
The two resorts will be the newest addition to the Jaz Hotel Group’s portfolio that includes 47 Hotels and Resorts in Egypt.