CAIRO-One the of the largest investment holding companies in the Middle East and North Africa has picked Fairmont Hotels & Resorts of Toronto to manage a new hotel here that will open this summer and an existing hotel next door. The 235-room Fairmont Heliopolis will be the first hotel in Cairo to fly the Fairmont flag, though it will be followed quickly by Fairmont Nile City, which is under construction and set to open in early 2008.

The Fairmont Heliopolis is a joint venture of Kipco and its real estate affiliates, Gulf – Egypt for Hotels & Tourism and United Real Estate Co. The development site is in central Heliopolis, 10 minutes from the international airport. Hotel amenities will include extensive conference facilities, spa, atrium garden and dining outlets.

As part of the management agreement, Fairmont also has assumed management of the hotel adjacent to the development site. Formerly known as the Sheraton Heliopolis, Fairmont will operate the 588-room property under the name Hotel Heliopolis prior to an extensive renovation period, which will include rooms, public areas and the building’s facade. A planned third phase would convert the units to branded for-sale residences.

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