Friday 22 Nov
Talaat Moustafa Holding Group (TMG) expects to double its dollar revenue to $856 million by 2028, primarily driven by its recent acquisition of a controlling stake in Legacy Hospitality. Based on market projections and the anticipated growth of the hotel sector, TMG is confident in achieving this ambitious goal. The company plans to invest significantly in renovating and modernizing its newly acquired hotel properties to enhance their appeal and profitability.
In a statement to the Egyptian
Exchange, TMG Holding addressed recent media reports suggesting that the
company had signed a deal to double its dollar revenue to $856 million by 2028.
TMG Holding has significantly expanded its presence in the hotel sector and other recurring income activities through the acquisition of seven historic assets in Egypt, adding over 2,500 hotel rooms to its portfolio. This strategic move has resulted in a substantial 2.4-fold increase in revenue from these sectors, reaching 7.9 billion Egyptian pounds in the first half of 2024 compared to 3.3 billion Egyptian pounds during the same period last year.
