Cairo. Travco Group International Holding S.A.E, the Egypt based travel group, has completed the strategic acquisition of Steigenberger Hotels AG. This step further reinforces travco Group’s strategy of targeted growth and international expansion. In addition to hotels, Nile cruise ships and destination management companies, Travco’s business activities cover the full tourism value chain with a unique integrated business model.
“This is a very important strategic step towards our long-lasting and continuous course for growth, which positions us as a global player in the tourism and hospitality industries and allows us to offer an even greater and more appealing value proposition to our customers,” says Hamed El Chiaty, Chairman & Chief Executive Officer and together with his family owner of Travco. “At a particularly challenging time for the entire tourism industry, this decisive move strengthens our leadership claim within the leisure business. Together we will shape the hotel industry in Europe and the Middle East for the years to come”
Steigenberger is the stepping-stone of Travco's worldwide presence, as well as its entry into the city hotel business, particularly in the German, Austrian and Swiss markets, and will further strengthen the Company’s positioning in the quality segment.
The Egypt Based company Travco Group is one of the largest integrated tourism groups in the Arab region with over 60 integrated companies in the field of tourism and hospitality and assets in excess of 1.25 bn Euros including a portfolio of 43 hotels and 9 underway with capacity exceeding 10,500 rooms which are operated by Travco’s hospitality brands Jaz, Iberotel and Sol y Mar in Egypt and the United Arab Emirates. www.travco.com