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Orascom Hotels eyes acquisitions

Orascom Hotels and Development , Egypt's top real estate developer, plans to acquire two local hotels and aims to expand further in the Middle East and nearby regions, its chairman and CEO noted. Samih Sawiris said Orascom Hotels was set to post strong profits for the fourth quarter, full-year 2007 as well as 2008, reported Reuters. As for the two hotels, Orascom, which already owns 19 in Egypt, is looking to pay about $50m for both, Sawiris said. It just finished an acquisition of a majority stake in a 530-room hotel and marina in Egypt for about $20m.