Palm Hills Developments

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Palm Hills Developments & The Ritz-Carlton Hotel Company L.L.C. signs Memorandum of Understanding

Cairo, Egypt--November 20th, 2008: As part of its commitment to partner with the best international and local partners to offer the highest standard services and amenities in all its projects, Palm Hills Developments (PHD), one of Egypt’s premier real estate developers, is delighted to announce that the company has signed a Memorandum of Understanding (MOU) with renowned hoteliers The Ritz-Carlton Hotel Company L.L.C.

“We are delighted to have signed this MOU with The Ritz-Carlton Hotel Company, which calls for developing a luxury hotel and golf club. This partnership will serve to consolidate our position as a Company that affiliates with only the best to ensure the highest standards in service and hospitality for both our residents and guests,” said Yasseen Mansour, Chairman and CEO of PHD.

“This partnership will serve to raise the bar of the luxury tourism industry in the country and also aligns with PHD's hospitality investment strategy to own hotel facilities and retain independently world class operators to manage these facilities” said Ashraf Ghazaly, Vice President for Strategic Planning and Business Development, PHD.

“Currently, PHD is positioned as a high-end residential developer and we are planning to maintain this positioning and strategy in the hospitality sector given our spread of operations across Egypt, in areas such as Greater Cairo, The Red Sea and the North Coast,” added Mr. Ghazaly.

Plans are underway for The Ritz-Carlton to operate a 140-room hotel, golf course and golf clubhouse at the Palm Hills Golf Club & Resort in 6th of October City. The hotel will offer luxurious rooms and suites with breathtaking views over the great Pyramids of Giza, and a 27-hole golf course exclusively designed by the legendary Jack Nicklaus; along with a variety of fine-dining restaurants, an exclusive Gentleman’s Club, a spa and wellness centre, state-of-the art meeting facilities and a supervised children’s program.

Palm Hills Golf Club and Resort is an exclusive community, encompassing a world-class golf course and plush homes, blending both comfort and luxury. This opulent community situated adjacent to the company’s flagship project, Palm Hills October in 6th of October City in the west axis of Greater Cairo, and consists of 480 villas which are spread over two million square meters.

Furthermore, all architecture and designs are exclusively created under the supervision of Shehab Mazhar, Egypt’s most renowned architect who possesses a wealth of knowledge and understanding of the local market’s needs. Recipient of several international awards; Mazhar provides the experience and expertise to make homes both aesthetically and functionally luxurious.

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