Orascom Development signs agreement with investment cost of LE200M

CAIRO – 19 December 2018: Orascom Development Egypt (ODE) announced that its hotel subsidiary Orascom Hotels Management (OHM) signed an agreement with Thomas Cook with a total investments of LE 200 million.

Orascom clarified that the agreement includes developing a new 100-room luxury beachfront hotel property under the brand of Casa Cook El Gouna, and rebranding Arena Inn, El Gouna's 144-room downtown hotel, to become Cook's Club Hotel.

The company added in a filing to the Egyptian Exchange (EGX) that Casa Cook El Gouna is set to open in October 2019 and will offer a range of family-friendly accommodation, including two-bedroom villas with private pools and suites with shared pools.
As for Cook’s Club, the company said that it will be opened in summer 2019, "The hotel will cater to a new generation of travelers looking for a stripped-back design hotel with great food and drink at its heart. The 144-room hotel will feature a large, beachside pool, a street-food style canteen restaurant, and a DJ who builds the atmosphere throughout the day.”

"We are excited about the partnership with Thomas Cook and El Gouna being the first home to Thomas Cook's newest hotel brands in the Middle East,"CEO Orascom Development Khaled Bichara said.

"We are sure that the brand equity of Thomas Cook would fit perfectly and also add to El Gouna and the group's hotel portfolio.”, Bichara added.

According to the statement, Casa Cook is the luxury hotel brand of Thomas Cook that was introduced in 2016 with the opening of Casa Cook Rhodes. Cook’s Club builds on the success of Casa Cook, extending the same design-led ethos to bigger properties at a more accessible price. The first Cook's Club was opened in June 2018 in Crete, Greece.

“Cook’s Club builds on the success of Casa Cook, extending the same design-led ethos to bigger properties at a more accessible price. Opening both hotels in the same destination provides us with an attractive opportunity to attract new customers to this stunning part of Egypt and is testament to how attractive our brands are that we continue to attract partners like Orascom Development,” Chief of Thomas Cook Hotels & Resorts Enric Noguer.

In December, Orascom Development announced signing the final agreement with the New Urban Communities Authorities (NUCA) to co-develop a 1,000 feddan integrated community project in 6th of October City, West Cairo, based on a revenue sharing model.

Orascom Development Egypt operates within the consumer services sector focusing on hotels, resorts and cruise lines with 52 subsidiaries operating across Northern Africa, Middle East and southern Europe.