Global hospitality group Accor and Margins Developments have signed an agreement to develop a Novotel hotel and branded residences at the Lusail Residence project in New Cairo’s Sixth Settlement.
The mixed-use development will include a 120-room Novotel hotel and more than 450 branded residential units. It spans approximately 30 feddans with a built-up area exceeding 266,000 square metres and total investments of more than EGP 15bn.
The project is located close to the New Administrative Capital. Branded residences will be managed by DEX Squared Hospitality.
Accor has operated in Egypt for more than 45 years. Since the beginning of 2026 the group has signed projects representing more than 1,300 hotel keys.
Mohamed El Aassar, Chairperson of Margins Developments, said the partnership marks the company’s entry into the hospitality sector. Raki Phillips, Regional President for Premium, Midscale and Economy Hotels for the Middle East, Africa and Türkiye at Accor, described Egypt as a strategic growth market.