TMG's ICON Acquires 51% Majority Stake in Legacy Hotels

ICON, the hospitality arm of Talaat Moustafa Group, completed a capital increase raising its stake in Legacy Hotels Company to a 51% majority (with full management rights), from the Egyptian General Company for Tourism and Hotels (EGOTH) as part of Egypt's state-asset privatization program. Legacy Hotels owns seven historic state hotels across Cairo, Alexandria, Luxor and Aswan -- Sofitel Legend Old Cataract Aswan, Movenpick Resort Aswan, Sofitel Winter Palace Luxor, Steigenberger Tahrir, Steigenberger Cecil Alexandria, Marriott Mena House Cairo and Marriott Omar Khayyam Zamalek -- adding 2,500 rooms to ICON's portfolio. The deal is valued at roughly $800 million upon reaching the 51% threshold.