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OHD to acquire 51% of hotel property

Orascom Hotels and Development (OHD) said it agreed to acquire 51 per cent of a five-star hotel in Hurghada on the Red Sea for $17.85m, reported Reuters. Mamdouh Abdel Wahab, OHD's director of investment relations said the company would buy the hotel, which has an attached marina in Sahl Hashish on the Red Sea, with a partner, which will acquire the remaining 49 percent.