The 520-room property, scheduled to open early next year, will be called Le Meridien Hurghada, in deference to its location in the premiere resort area within Hurghada Red Sea region. Built from local coral stones excavated during construction, the exclusive resort is considered to be one of Alfy's most outstanding creations.

Under development for the past eight years, Le Meridien Hurghada features a series of terraces gently set into the surrounding Hurghada hills, providing every guest room a panoramic view of the Red Sea. Hotel amenities include a private beach, a private marina, six restaurants, a nightclub, a coffee shop and a 5,400-sf promenade that will offer a range of retail opportunities, including several shops featuring the works of local artisans.

"It is destined to become one of the gems of the Red Sea," says Hassan Ahdab, Le Meridien's regional managing director for Africa and the Indian Ocean.

London-based Le Meridien, a global hotel group with 135 upscale and luxury hotels in 56 countries, manages four other hotels in Egypt, including Le Meridien Pyramids at Giza, Le Meridien Heliopolis, Le Meridien Luxor and Le Meridien Makadi Bay, which also is located in Hurghada.

Le Meridien was formed by the Principal Finance Group of Nomura International plc. Principal Finance has since become independent and renamed itself Terra Firma Capital Partners Limited. Terra Firma manages Le Méridien for Nomura International plc.