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Three new hotel complexes being built in Egypt by Palm Hills Developments (PHD) are to be run by Indian Hotels when construction is completed.
The deal will mark the first move into Egypt by the company, which is also known as Taj Hotels, Resorts and Palaces.
Construction work on the first hotel complex, which is situated on the northern coast of the country at Hacienda Bay, is set to be completed by 2013.
Ashraf Ghazaly, vice president for strategic planning and business development at PHD, said he was sure the new complex, which is set to have 200 rooms, will be a success.
"We are pleased to have once again raised the bar of the luxury tourism industry with what we believe will be the north coast's premiere luxury hotel destination," he said.
Last month, PHD announced it was launching a massive share issue with the intention of raising around $128 in additional capital to fund further construction spending.
Source:  - 01 February 2010
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