Abu Dhabi Tourism Investment Company, a subsidiary of the Abu Dhabi Fund for Development, has signed a management and operation agreement with international hospitality giant Accor to rebrand and modernize the Hurghada Hotel. Under this agreement, the hotel will transition from the Mercure brand to Mövenpick, with Accor continuing to oversee its management and operations.
The signing was officiated by Yahia Kotub, CEO of Abu Dhabi Tourism Investment Company, and Paul Stephens, CEO of Accor for the Middle East region. Kotub confirmed that Accor, the hotel’s current operator, will remain at the helm following the rebranding and redevelopment. He also noted that Accor manages the Mövenpick Hotel in Sharm El Sheikh and is preparing to operate the upcoming Sofitel Legend Hotel in Giza.
Investment in the hotel’s redevelopment is estimated at EGP 32.5bn, with a focus on enhancing efficiency and upgrading its 469 rooms. The renovation is set to commence in the second half of 2024, with the first phase scheduled for completion by March 2026.
Kotub emphasized that this investment aligns with Abu Dhabi Tourism Investment Company’s strategy to strengthen its presence in the Egyptian market and elevate tourism infrastructure to international standards. The project aims to attract more visitors while offering luxurious accommodations that showcase Egypt’s cultural heritage.
The rebranding and redevelopment are expected to reinforce Hurghada’s position as a premier Red Sea destination by providing world-class hospitality services tailored to both local and international travelers. Additionally, the project is anticipated to create new job opportunities and stimulate the local economy by driving further investment in the tourism sector.
Abu Dhabi Tourism Investment is 84% owned by the Abu Dhabi Fund for Development, with Abu Dhabi National Hotels Company holding a 10% stake. The remaining shares are distributed among companies affiliated with Egypt’s Ministry of Public Business Sector.
