Egypt’s tourism industry is on the road to recovery. Despite a significant decline due to the revolution, hotels located on the Red Sea have managed to reach a level of occupancy of 60-70%. By the end of the year, the country expects 12 million foreign tourists. Earlier in 2010, Egypt attracted 15 million tourists. Consequently, investment in the hotel business has declined, although 37 new hotels with more than 10,000 rooms are currently slated to be built across Egypt, according to TOPHOTELPROJECTS, the world’s leading provider of information on hotel construction and hotel chains.
One of the most expensive hotel projects is the Ritz Carlton Marassi Beach, a 170-room luxury hotel worth $ 1.79 billion. The developer of this project will be «Emaar Properties». The hotel is scheduled to open in December 2013. The resort, which will be located on the Mediterranean Sea near El Alamein, will include 50 luxury villas and a world-class golf course. In addition, guests of the hotel can use the six-kilometer beach. Airports located in Alexandria and El Alamein offer good air connections to Europe.
One of the most expensive hotel projects in Egypt is the Radisson Blu Sharm el Sheikh Lagoon. The 970-room beachfront hotel is scheduled to open in July 2013.
In addition to this, five hotels will be built in the southern part of the Sinai Peninsula in the popular holiday destination Sharm El Sheikh. The first hotel will have 444 rooms and the largest water park in the country and possibly in the Middle East. The opening of this hotel is scheduled for 2013. Four more hotels will be built on an area of 800,000 sqm, located directly on the Red Sea coast in Sharm El Sheikh, three properties with approximately 3,300 rooms will be boutique hotels. Additionally, between the beach, the promenade and the hotels, there will be a 42,000 square meter lagoon. Completion of construction is scheduled for 2015.
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