May 7, 2009 / 12:36 PM / 11 years ago

Ritz-Carlton to operate Palm Hills hotel in Egypt

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)

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