Orascom Development Welcomes Stuart Leven as New Chief Executive Officer of Hotels Management Division

Appointment Reinforces Orascom Development’s Commitment to Hospitality Excellence

Orascom Development announces the appointment ofStuart LevenasChief Executive Officerof Orascom Hotels Management (OHM)، the wholly owned subsidiary responsible for most hotel operations of theleading international developer of vibrant، integrated communities in Europe، the Middle East and North Africa.

In his new role، Stuart will lead the transformation and expansion of Orascom Development’s hotel business as it evolves to meet the future needs of guests، trade partners، employees and the company’s integrated towns in Egypt، the UAE، Oman، Montenegro and Switzerland. He will also be a vital member of Orascom Development’s global Executive Committee، reporting directly into Group CEO Omar El Hamamsy.

Operational leadership

Stuart will work closely withJoachim Schmitt، who retains operational leadership of Orascom Development’s portfolio of 33 hotels across three continents، along with responsibility for future new openings. Joachim will take on the newly created role ofChief Operating Officerat OHM.

Stuart brings a wealth of experience in the hospitality industry. His decade of experience working with a wide variety of hotel brands culminated in the role of Vice President of Commercial for UK and Ireland at InterContinental Hotels Group (IHG). Notably، he also has extensive experience in the airline and cruise industry، including Vice President EMEA for Royal Caribbean Group.

Omar El Hamamsy، Group CEO of Orascom Development،said: "Welcoming Stuart to our leadership during this period of exceptional performance is a testament to our commitment to attracting top-tier talent. Stuart’s proven track record in Commercial، Sales and Marketing aligns well with our strategic drive to further elevate our premium to luxury hospitality offerings. Supported by Joachim’s operational leadership، I’m confident that our hotels business is well positioned to continue building on the impressive growth achieved.”

Extraordinary destinations

Stuart Leven، Chief Executive Officer of Orascom Hotels Management،said: “The visionary scale and masterful complexity of Orascom Development’s integrated towns are remarkable. Our portfolio of 33 hotels، with more than 7،000 rooms، serves as a cornerstone in welcoming guests to these extraordinary destinations. Whether at our distinct standalone properties or renowned international brands including The Chedi، Movenpick، Radisson، Rotana، Sheraton and Steigenberger، our focus is on delivering an outstanding guest experience. I look forward to collaborating with our leadership، team، and partners as we transform and expand OHM in line with Orascom Development’s journey to being a pre-eminent، multi-national integrated developer.”

In 2023، Orascom Development’s Hotels segment has exhibited solid growth، with revenues during 1H 2023 increasing by 32.5% to CHF 80.3 million and gross operating profit (GOP) increasing by 86.2% to CHF 35.0 million. These impressive results were primarily due to strong average daily rates، enduring leisure demand، and increased occupancy rates. Throughout the years، Orascom Development’s premium and luxury hotels have garnered accolades for outstanding guest experiences by Condé Nast Traveller، World Travel Awards، TripAdvisor، BBC Travel and other prestigious entities in the industry. In Egypt، Orascom Development’s hotels encompasses a wide array of five-، four- and three-star hotels and boutique hotels in the seaside towns of El Gouna by the Red Sea and Taba Heights set near the majestic Sinai mountains.