A multi million pound Club Med hotel is to be built in the stunning Red Sea resort of Taba Heights, Egypt.
Nestled in the Sinai Peninsula, the new development will be uniquely positioned and will be the sixth luxury hotel to open in the resort.
Club Med is due to open in November 2010 with 385 rooms, two restaurants, bars, a spa, a fitness centre and other superior leisure facilities.
Taba Heights already offers the InterContinental, Hyatt, Marriott, and Sofitel, which are all five-star hotels, and The Three Corners El Wekala, a smaller, family hotel.
Orascom Development, the leading global developer behind Taba Heights, negotiated a loan of 23 million Euros from the French financial company, Proparco, to build the hotel.
“We are really excited about the new Club Med as it complements the other luxury accommodation we offer in Taba Heights,” said Mr Raymond Khalife, Chairman of Orascom Hotels Holding, a subsidiary of Orascom Development.
“Orascom Developments’ record of sustainable, economically viable, socially equitable and financially profitable projects in the EMEA region, have paved the way for the successful agreement”, said Mr Laurent Demey, deputy CEO at Proparco.