August 20, 2009 / 3:55 PM / 10 years ago

Egypt's Travco buys German hotel firm Steigenberger

CAIRO, Aug 20 (Reuters) - Egyptian tourist company Travco said on Thursday it had acquired Germany’s Steigenberger Hotels as part of efforts to expand its international operations.

Travco, which values its assets in excess of 1.25 billion euros ($1.78 billion), did not disclose a value for the deal, citing an agreement between the two family-owned firms.

The Egyptian firm said the purchase would strengthen Travco’s position in the higher-end hotel segment.

Travco owns 43 hotels in Egypt and the United Arab Emirates. Steigenberger operates 81 hotels in Germany, Austria, Switzerland, Italy, the Netherlands and Egypt.

($1=.7028 Euro)

(Writing by Alastair Sharp; editing by Simon Jessop)

((alastair.sharp@reuters.com; Cairo newsroom +20 2 2578 3290)) Keywords: TRAVCO EGYPT/

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