Yasseen Mansour's Palm Hills Backs 25.2 Million Loan For 200 Hotel Rooms

Palm Hills approved a 25.2 million syndicated loan guarantee to support hotel development at Hacienda White, signaling expansion in Egypts hospitality sector.

The loan, arranged by Banque Misr, will fund 200 hotel rooms, reflecting confidence in North Coast tourism as demand for premium coastal resorts continues to rise.

Governance amendments and strategic financing underscore Palm Hills shift toward its subsidiaries, expanding beyond its core residential.

Palm Hills Developments, a Cairo-based real estate firm chaired by billionaire Yasseen Mansour, has moved to guarantee a major syndicated loan worth 25.2 million for one of its subsidiaries, marking a further expansion in Egypts luxury hospitality sector.

The EGP1.3 billion 25.2 million loan , arranged by Banque Misr, will finance the construction of 200 hotel rooms within the high-end Hacienda White development on Egypts North Coast, a booming destination for affluent domestic and regional tourists.

The project is being handled by the Middle East for Real Estate and Tourism Investment LLC, a subsidiary of Palm Hills, and reflects the groups growing interest in tapping Egypts tourism resurgence through premium resort offerings.

In a board meeting held on April 8 , Palm Hills directors formally approved a resolution to back the loan. By guaranteeing the debt, the parent company is effectively offering to repay the bank if the subsidiary fails to meet its obligations, increasing its financial exposure while providing the lender with added security.

The board also approved amendments to Article 21 of the companys articles of association, paving the way for an extraordinary general assembly meeting. This suggests broader governance changes may be in the pipeline, likely tied to Palm Hills capital strategy and expansion plans.