Amazon Developments has contracted with Hilton (NYSE: HLT) to manage Capital Diamond Tower's hotel in New Administrative Capital (NAC), which is the first presence of the Hilton in the NAC. Hossam Abu Al-Saud stated that the contract includes managing the hotel in the Capital Diamond Tower, as it is one of the companies with experience and a strong reputation in the Egyptian market and abroad. He elaborated that the hotel houses 120 units, including 72 guest rooms and 48 one-bedroom suites, and is fully owned by Amazon Developments. The hotel encompasses four restaurants, a swimming pool, and a fully equipped fitness center. The rest of the serviced units will be offered to customers and for investment as part of the company's plan to diversify its investment portfolio and to provide a product with a renewable return on investment to clients. He disclosed that the hotel is located on the last ten floors of the tower, specifically from the 41st floor to the 51st floor, and is divided into 6 Hilton floors and 4 floors for serviced units, making it the highest hotel in Egypt with a height of 234 meters from the ground. It gives the hotel a stunning view of the iconic tower at the NAC and the central garden, which provides clients with an unparalleled view. As for the most prominent developments in the project, Mahmoud Al Gharib, vice chairman and CEO of Amazon Developments explained that the company has begun construction immediately after obtaining the hotel license with 30% completion of concrete structure with investments amounting to EGP 800m so far. Al Gharib added that the third phase of the Capital Diamond Tower is being launched, which embraces commercial, administrative, and hotel units, and the units are being offered based on the executive position in the project, therefore, there is no gap between executive and sales positions. Abdallah Al-Afeef, Managing Director of Amazon Developments said, "The company focused on cutting the number of units and reducing pressure on services to achieve maximum benefit for the tenants." Al-Afeef noted that the company initiated its businesses in the local real estate market approximately 3 years ago, and added that the company is studying several investment opportunities within the Egyptian market to be announced during the second half of 2024. Carlos Khneisser, vice president, of development, Middle East & Africa, Hilton, said, "The hotel sits in a unique location, giving guests access to one of the capital's vibrant business communities."
