CAIRO, May 7 (Reuters) - Real estate developer Palm Hills (PHDC.CA)(PHDCq.L) said on Thursday it had signed an agreement with the Ritz-Carlton Hotel Company to operate a hotel located in the Egyptian developer’s flagship project.
The 160-room Ritz-Carlton Cairo at Palm Hills October will feature a golf course designed by Jack Nicklaus, a spa, health club and swimming pools, according to a statement from Palm Hills.
Palm Hills did not give a value for the deal with Ritz-Carlton, an upmarket hotel brand operated by Marriott International MAR.N.
“Egypt continues to offer tremendous potential to the luxury industry and the opening of the Ritz-Carlton Cairo, Palm Hills is a key strategic move in expanding our presence in the Middle East/North Africa region,” Ritz-Carlton President and CEO Simon Cooper said in the statement. (Writing by Aziz El-Kaissouni)