Coral signs first venture in Cairo

This was announced at a special signing ceremony held at HMH - Hospitality Management Holdings stand at Arabian Travel Market.

Mr Abdel Aly Aziz, the owner of Coral Cosmopolitan Hotel said:

" We are extremely excited to be the first Coral hotel in Egypt. This new property is a definite boost to the range of accommodations now available in Cairo. With 85 rooms, two restaurants and two meeting rooms, Coral Cosmopolitan will offer outstanding facilities for both business and leisure travellers, and is set to open in the last quarter of 2010. I am heartened by HMH's continued commitment to the hospitality industry in the Middle East and look forward to a successful partnership and improvement of business and tourist infrastructure here."

With the number of GCC travellers to Egypt going up, the country has been increasingly looking into ways of catering for the Arab demand. Michel Noblet, CEO, HMH, said the group's expansion into Egypt is a significant move given that Egypt remains a popular tourist destination. The economy in Egypt has been able to withstand to an extent the enormous impact of global recession on tourism despite overwhelming odds. In 2008, tourist arrivals touched a record 12.8 million, up 15% on the year before, according to the Egyptian ministry of tourism. However, there has been a considerable drop in numbers this year.

Michel said the industry was bracing for challenging times, given the slowdown in both business and tourist travel as a result of the credit crunch, but Coral Hotel's philosophy of providing five-star accommodation at affordable prices was paying off. 'Coral Cosmopolitan will give us a strategic edge in Egypt and will prove to be our gateway for expansion within the region. The fact that we are choosing to go ahead with our expansion plans shows we are not just building for today but for tomorrow. We are committed to investing in the growth and infrastructure of world class hotels in the region and other emerging markets worldwide.'

Coral Hotels & Resorts has 15 fully operational hotels across the Middle East and five more poised to open in a span of few months. The chain is also expanding globally with several projects now underway in Africa and many more in the pipeline in Asia - a sector that is expected to grow rapidly both in terms of business and touristic travel.