ADQ, ADNEC Acquire 40.5% stake in TMG's ICON
The acquisition will be executed through a special-purpose vehicle.
The ADQ Holding Group and the UAE-based ADNEC Group have finalized agreements to jointly acquire a 40.5% stake in the Arab Company for Tourism and Hotels Investments (ICON), the hospitality arm of Talaat Moustafa Group Holding (TMG).[1]
The acquisition will be executed through a special-purpose vehicle, demonstrating the commitment of both entities to strategically enhance their presence in the hospitality market.
Under the terms of the deal, ADQ will possess a 49% stake in ICON, while ADNEC will control the remaining 51%.
This collaboration comes on the heels of ICON's December announcement[2]; under which ICON concluded agreements for the acquisition and full management rights of a 39% stake in Legacy Hotels.
Legacy Hotels, a joint venture between the Sovereign Fund of Egypt's (TSFE) Tourism, Real Estate, and Antiquities Sub-fund, along with the Egyptian General Company for Tourism and Hotels (EGOTH), boasts a distinctive portfolio comprising seven hotels.
The seven hotels are iconic heritage palaces namely Sofitel Legend Old Cataract Aswan, Mövenpick Resort Aswan, Sofitel Winter Palace Luxor, Steigenberger Hotel Tahrir, Steigenberger Cecil Hotel Alexandria, Marriott Mena House Cairo, and Marriott Omar Khayyam Zamalek.
