Egypt: Prime Hospitality Management Group (PHMG) has announced the launch of a two-tiered branded serviced apartment offer.
Aimed at real estate owners “who are looking to turn their dormant assets into income-generating serviced apartments”, the company’s first two brands are Prime Select, offering “a curated selection of luxurious furnished serviced apartments”, and Prime Residence, offering serviced apartments in buildings with full amenities.
Khaled El Sayyad, founder of Prime Residential and PHMG executive chairperson, has teamed up with Moataz Amin, the Group CEO, and New York-based investment professionals, Karim El Sayyad and Ahmed El Saharty, to establish Prime Hospitality Management Group (PHMG), Egypt’s first dedicated third-party property management company.
“We have launched PHMG intending to maximise rent potential for owners by offering serviced apartment amenities and features while leveraging a dedicated corporate and property management team to minimize costs,’ said Khaled El Sayyad.
“It’s taken time, hard work and adaptation but today the combination of our strong team and technology has allowed us to reach a 72 per cent year-on-year revenue increase in our managed properties,” said Amin.
El Saharty added: “This is a great opportunity for real estate owners given the current economic dynamics in Egypt, where the rental market has not fully developed after the 2016 currency devaluation.”
