Travco acquires Steigenberger Hotels AG

Travco Group International Holding has bought Steigenberger Hotels AG.

Travco acquires Steigenberger Hotels AG
Travco acquires Steigenberger Hotels AG

The Egypt-based travel group said the acquisition was part of its international expansion plans.

Travco chairman and chief executive officer Hamed El Chiaty said: "In addition to the clear strategic benefits, we will aim at jointly increasing our added-value offerings through accessing new growth opportunities."

Travco Group's portfolio includes more than 60 integrated tourism and hospitality companies, including 43 hotels with nine more in development, the largest fleet on the Nile comprising 22 ships, and a low-cost airline to be launched later this year.

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