Talaat Moustafa Group's(TMG) Arab Company for Hotels and Tourism Investment said Wednesday it signed a deal to buyout Kingdom Holding Investment’s shares of the Four Seasons Hotel Cairo at Nile Plaza.
Prior to the buyout, the Kingdom, which is owned and headed by Saudi businessman Prince al-Waleed bin Talal, owned 43.7 percent of the hotel's shares valued at US$145 million.
Subsequent to the buyout, TMG will have full ownership of the hotel.
The Kingdom said that the Four Seasons Hotel Cairo is valued at an estimated US$332 million. Prince Talal said he was happy with his investments in Egypt and that he will continue his investments in Egypt.
TMG currently has 875 operational rooms with another 1725 under construction and plans to increase the total number of hotel rooms to 5000 over the next five years.
In May 2009, TMG acquired full ownership of the Four Seasons Hotel Sharm El Sheikh after buying out all of its shares valued at US$57 million, including the 39.3 percent owned by the Kingdom.
TMG has a LE20.132 billion in capital.