Marriott International and Latif Group signed an agreement Sunday night to bring an all-new 600-million-dollar Ritz-Carlton resort to Sharm el-Sheikh aimed to bring luxury travellers to the Red Sea town.
"This is a momentous time for Egypt as we focus on the longer term investment and the development of tourism in our beloved country," said Latif Group Chairman Nasser Abdul Latif. "I am excited to be partnering with Marriott International in bringing the iconic hotel brand to the Sinai Peninsula."
The Ritz-Carlton in Sharm el-Sheikh will be built from scratch at Sharks Bay, and will be the brand's second property in Egypt following the Nile Ritz-Carlton in Cairo.
The Ritz-Carlton, Sharm el-Sheikh Resort is set to open in 2020 and will be located in Sharks Bay, often described as the 'gem of the sea.' The resort will feature 252 rooms, including 12 villas and three restaurants (including two specialty restaurants.) There will be a number of swimming pools and a destination spa with private treatment suites and a range of water sports activities plus the biggest shopping complex in Sharm el-Sheikh.
"This is the latest in a series of important landmark hotel signings and openings we have made in Africa, in Egypt in particular," said Alex Kyriakidis, President and Managing Director of Marriott International, Middle East and Africa. "We believe in Egypt, and we are thankful to our owners and partners, Latif Group of Companies, who have helped further our vision for growth and prosperity in this enigmatic country."
A lavish reception was held late Sunday night to mark the signing, and was attended by dignitaries, ministers and VIPs.