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FINANCIAL NEWS
Orascom Development partners with LVMH
08 Apr 2010
(MENAFN) LVMH, a French luxury group, said that it has signed a partnership with Orascom Development Holdings to build two luxury resorts, one in Oman and another in Egypt, Reuters reported.
LVMH said that Orascom will finance the construction of the two resorts, expected to open in 2012, while LVMH would run them and get a percentage of sales and profits.
LVMH said it had created a unit called LVMH Hotel Management to run the resorts, which would be called Cheval Blanc, inspired by its Michelin-star hotel in the Alpine resort of Courchevel.
The French group said the resorts would give it exposure to the long-term growth potential of the luxury hotel sector as well as new selling points for its brands.
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