LVMH Moet Hennessy Louis Vuitton SA, the world’s largest maker of luxury goods recently announced plans to open two luxury property developments on islands in Oman and Egypt under the Cheval Blanc brand.
The projects, developed in collaboration with Orascom Hotels and Development, will cost $100 million, with Orascom providing $40 million and the rest coming from other investors and banks, Orascom Chairman and founder Samih Sawiris said in a text message. They are expected to open in 2012, Paris-based LVMH said in an e-mailed statement.
LVMH also said it created a hotel management unit to retain control of its hospitality businesses while minimizing its capital commitment.
The Maison Cheval Blanc in Oman is on the 11 square- kilometer island of Al Sodah and includes 32 private villas, LVMH said. The development in Egypt is on the private island of Amoun in Aswan and will include about 40 suites overlooking the Nile, the company said.