Orascom Development Holding AG:

(Altdorf, Switzerland, 6 September 2023): Orascom Development announces the appointment of Stuart Leven as Chief Executive Officer of Orascom Hotels Management (OHM), the wholly owned subsidiary responsible for most hotel operations of the leading 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 Developments hotel business as it evolves to meet the future needs of guests, trade partners, employees and the companys integrated towns in Egypt, the UAE, Oman, Montenegro, and Switzerland. He will also be a vital member of Orascom Developments global Executive Committee, reporting directly to Group CEO Omar El Hamamsy and will be based in London. 

Stuart will work closely with Joachim Schmitt, who retains operational leadership of Orascom Developments portfolio of 33 hotels across three continents, along with responsibility for future new openings. Joachim will take on the newly created role of Chief Operating Officer at 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. Stuarts 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 Joachims operational leadership, Im confident that our hotels business is well positioned to continue building on the impressive growth achieved.

Stuart Leven, Chief Executive Officer of Orascom Hotels Management, said: The visionary scale and masterful complexity of Orascom Developments 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 Developments journey to becoming a pre-eminent, multi-national integrated developer.

In 2023, Orascom Developments 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 Developments 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.

Orascom Hotels Management Portfolio:

About Orascom Development:
Orascom Development Holding is a leading international developer specializing in vibrant, integrated communities in Europe, the Middle East, and North Africa. For more than 30 years, Orascom Development has been a pioneer in creating destinations where people are inspired to live, work, and play with passion and purpose. ODH shares are listed on the SIX Swiss Exchange.

From El Gounas stunning Egyptian coastal town by the Red Sea to Andermatt Swiss Alps breath-taking, year-round mountain destination, each master-planned community is a testament to Orascom Development's commitment to place-making at its finest. The integrated towns harmoniously combine residential areas with private villas and apartments, hotels, and award-winning leisure and commercial amenities including golf courses, marinas, sports facilities, retail shops and restaurants.

Orascom Development owns a land bank of more than 100 million square meters with nearly 40% under development or developed into thriving communities in Egypt (El Gouna, Makadi Heights, O West, Taba Heights, and Byoum), in the GCC (Jebel Sifah and Hawana Salalah in Oman and The Cove in the UAE), and in Europe (Andermatt Swiss Alps in Switzerland, Lutica Bay in Montenegro and West Carclaze Garden Village in the UK).

Orascom Developments hospitality portfolio includes 33 premium and luxury hotels with more than 7,000 rooms across Europe, the Middle East, and North Africa.

For more information, please visit orascomdevelopment.com