JAZ Hotels & Resorts signed a contract to manage the Sharm Dreams and Fayrouz hotels in Naama Bay in Sharm El-Sheikh, which are owned by Sharm Dreams Group for Tourist Investments. The contract was signed by Hamed El-Chiaty, chairman of Travco Group International, which owns Jaz, and Dr. Hamada Abu El-Enein, chairman of Sharm Dreams Group, which owns the two hotels.
In this context, Alaa Akel, CEO of Jaz Hotel Group, stated that following this contract, the number of Jaz hotels in Egypt reaches 47 in various tourist cities, with a total of 12,100 rooms, adding that the contract takes effect at the beginning of next November, and has been coordinated over 8 months.
For his part, Dr. Hamada Abu El-Enein, chairman of Sharm Dreams Group for Tourist Investments, said that many negotiations were held to reach the best formula for the contract, pointing out that both companies wanted to complete it, and praised the effective role of CIB bank in restoring the company's strength during the lean years, stressing that this contract confirms the ambitious plan of Sharm Dreams Group and its cooperation with banking institutions.
Abu El-Enein revealed in a statement to Travel Yalla News that the two hotels are undergoing a comprehensive renovation at a total cost of up to 300 million pounds, which is planned to take about a year or a year and a half, after which the two hotels will open under the new JAZ brand name, with one of them scheduled to be under the name "Steigenberger", which is also owned by Travco Group International, noting that this contract coincides with the 20th anniversary of the establishment of the Sharm Dreams hotel and the 33rd of the Fayrouz hotel.
