By Hamed mahmoud
Equity Real Estate Development, a subsidiary of the Waterway Developments, announced the inauguration of Port Said City’s Palma Hotel at more than LE250m investments, mostly spent on renovations.
By launching this project, Equity Real Estate Development sought to keep pace with the state’s plan for developing Sinai and Suez Canal’s cities and creating job opportunities for residents living in the nearby governorates while marking Sinai Liberation Day.
Governor of Port Said City Gen Adel Al Ghadban opened Palma Hotel, the first 4-star hotel with 7-star services to be built in the governorate. Palma Hotel comes within Equity Real Estate Development’s expansions in the Egyptian market and serves its strategy of executing developmental projects nationwide.
Commenting on the occasion, Managing Director of the Waterway Developments Eng. Husam Hasan said that inaugurating Palma Hotel signifies ERED’s interest in executing projects serving the development plan endorsed by state and the political leadership spearheaded by President Abdel Fattah El Sisi.
Under an agreement entered into with the government, ERED revamped and run Palma Hotel on a 25-year usufruct basis, he explained, noting that the hotel has been renovated in the hope of turning it into Port Said City’s first hotel with hotel apartments ranging from 95m to 120m.
The hotel consists of 300 hotel apartments, with each made up of a single/two room/s, a bathroom and a kitchen, as all units have a clear sea-view, landscaping and green areas, together with a large swimming pool, a swimming pool for kids, a hygiene club and restaurants. The hotel is situated on Tarh El-Bahr Street, the most famous in Port Said Governorate. The hotel will see the launch of fascinating activities and events to mark feasts and national days, he elaborated.