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Article: News in brief.
- Article from:
- Daily News Egypt (Egypt)
- Article date:
- August 21, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Egypt's Travco buys German hotel firm Steigenberger
Egyptian tourist company Travco said on Thursday it had acquired Germany's Steigenberger Hotels as part of efforts to expand its international operations.
Travco, which values its assets in excess of e1/41.25 billion ($1.78 billion), did not disclose a value for the deal, citing an agreement between the two family-owned firms.
The Egyptian firm said the purchase would strengthen Travco's position in the higher-end hotel segment.
Travco owns 43 hotels in Egypt and the United Arab Emirates. Steigenberger operates 81 hotels in Germany, Austria, Switzerland, Italy, the Netherlands and ...