Ritz-Carlton is to manage a luxury beachfront resort in Marassi, Egypt, after signing a memorandum of understanding (MoU) with Emaar Misr yesterday.
The resort, which is being developed by the wholly owned country subsidiary of Emaar Properties, is expected to open in 2012, the company said in a statement.
The luxury hotel giant will oversee operations at the Ritz Carlton Marassi, which under its proposed development includes a 150-room resort and 50 private villas near a world-class golf course.
The Marassi development is located along six kilometres of seafront across the Sidi Abdel Rahman Bay on the Mediterranean.
"Marassi is one of the premier mixed-use communities in Egypt, and every component of this world-class project has been carefully planned to create a distinctive lifestyle experience. Sidi Abdel Rahman is the most historic beach in Egypt and is a much-preferred Mediterranean tourist destination," said Emaar Misr chief executive Sameh Muhtadi.
"Our MoU with Ritz-Carlton calls for developing a luxury resort to further consolidate Marassi's appeal to tourists and residents, and contribute to the region's prosperity," he added.
The EGP9.92 billion (Dh6.86bn) Marassi development is a Mediterranean-style self-sustaining lifestyle township that can be reached from Alexandria Burj El Arab and El Alamein airports and offers direct connections to major European cities, the statement said. Marassi will be a magnet for trendsetters seeking to live and work in an exclusive neighbourhood
In addition to the Ritz-Carlton resort the 6.25 million square metre gated community features leisure amenities, a town centre, marina, golf course and hotels. The project is also close to historic sites and offers desert safari, eco-tourism and diving pursuits.
Emaar Misr is already one of the largest investors in Egyptian real estate with an investment portfolio of EGP31.67bn.
The company is also developing the EGP12bn Uptown Cairo, the EGP5.75bn residential community located at the fifth district New Cairo City, and the EGP4bn commercial and residential
development on the Cairo–Alexandria desert road. Marc Dardenne, chief executive officer for Emaar Hospitality Group, said: "The luxury Marassi resort, managed by Ritz-Carlton, will be a sterling addition to the roster of Emaar Hospitality Group."