As part of its strategy to contract with strong entities and provide the best to its customers, Amazon Developments has celebrated contracting with Hilton (NYSE: HLT) to manage Capital Diamond Tower’s hotel in New Administrative Capital (NAC), which is the first presence of the Hilton in the NAC.
The celebration witnessed the presence of a prominent number of officials, led by Major General Ahmed Fahmi, General Manager of Administrative Capital for Urban Development, Chairman and Managing Director of the Administrative Capital for Urban Development company, Major General Eng. Ahmed Fahmy, General Manager of the Administrative Capital for Urban Development, Mrs. Ghada Shalabi, Undersecretary of Ministry of Tourism. In addition to, other officials and an elite group of media professionals and journalists.
For his part, Hossam Abu Al-Saud stated that choosing the entity responsible for managing the hotel within the project is the company’s responsibility towards its clients. The company is keen on contracting with a strong and international brand like Hilton that is responsible for providing management service for the hotel. Consequently, the process of choosing a hotel management company took a year of research and selection so that Hilton won deservedly, especially with its global experience of more than 100 years in brand management.
He added that Hilton a leading global hospitality company and manages a large number of luxury and distinguished hotels around the world in a large number of countries, and manages hotels in categories of more than 5 stars. Accordingly, contracting with Hilton will be a strong added-value to the project, and an added investment value for the project tenants, as well as provides a new success partner to be present at the NAC and its Central Business District.
He pointed out that the contract includes managing the hotel in the Capital Diamond Tower, as it is one of the companies with experience and a strong reputation in the Egyptian market and abroad. Moreover, services it provides are consistent with the concepts of quality and luxury that his company seeks to provide to customers in its projects.
He elaborated that the hotel houses 120 units, including 72 guest rooms and 48 one-bedroom suites, and is fully owned by Amazon Developments. The hotel encompasses four restaurants, a swimming pool, and a fully equipped fitness center. The rest of serviced-units units will be offered to customers and for investment as part of the company’s plan to diversify its investment portfolio and to provide a product with a renewable return on investment to clients.
He disclosed that the hotel is located on the last ten floors of the tower, specifically from the 41st floor to the 51st floor, and is divided into 6 Hilton floors and 4 floors for serviced units, making it the highest hotel in Egypt with a height of 234 meters from the ground. It gives the hotel a stunning view of the iconic tower at the NAC and the central garden, which provides clients with an unparalleled view.
As for the most prominent developments in the project, Mahmoud Al Gharib, vice chairman and CEO of Amazon Developments explained that the company has begun constructions immediately after obtaining the hotel license with 30% completion of concrete structure with investments amounting to EGP 800m so far.
Al Gharib noted that high construction rate is one of Amazon’s priorities in its project, which strengthens customer confidence in the company and maintains its credibility.
He added that the third phase of the Capital Diamond Tower is being launched, which embraces commercial, administrative and hotel units, and the units are being offered based on the executive position in the project, therefore, there is no gap between executive and sales positions.
“We are working according to a specific plan that is flexible in dealing with market changes. Furthermore, Amazon decided to launch a new phase of the tower to meet requirements of its customers inside and outside Egypt, who wish to own distinguishing units in this unique project, as well as those who wish to save their money and savings in units that have a promising investment future. The company set unit prices based on studies that ensure good evaluation of the units that are unparalleled in local real estate market.”
He explained that the project is being developed so far with self-financing, which reflects the strength of the company’s financial position, and the existence of a specific financial plan that is being worked according to. Since the project site was chosen, designed, and constructions were begun on it, all these steps are taking place according to a clear and strong plan that reflects the experience of those in charge of the company. In addition, seriousness in developing and investing in a promising, innovative and unique project.
Abdallah Al-Afeef, Managing Director of Amazon Developments said, “The company is keen in contracting with most international companies to achieve the green building code and work in accordance with sustainability standards and using environmentally friendly materials, which is consistent with international standards in real estate development industry, and is also consistent with building requirements set by the Administrative Capital for Urban Development company.”
He indicated that the company focused on cutting number of units and reducing pressure on services to achieve maximum benefit for the tenants.
Al-Afeef concluded that the company has initiated its businesses in local real estate market approximately 3 years ago, and its shareholders have strong experience in real estate development, and they also have a portfolio of investments abroad, added the company is studying several investment opportunities within the Egyptian market to be announced during the second half of 2024.
Carlos Khneisser, vice president, development, Middle East & Africa, Hilton, said, “We are excited to be working closely with Amazon Developments to bring the award-winning Hilton Hotels & Resorts brand to Cairo’s New Administrative Capital. As a key central and business hub, the hotel sits in a unique location, giving guests access to one of the capital’s vibrant business communities.”
Khneisser added, “Hilton plans to double its portfolio across Egypt – the company currently has 14 trading hotels in the country with another 14 in the pipeline. Of the trading properties, six are located in Cairo, with another seven under development, including the recently opened Waldorf Astoria Cairo Heliopolis and the soon to open Hilton Cairo Nile Maadi.”
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