Prime Hospitality Management Group (PHMG) announced that it opened its doors to real estate owners who are looking to turn their dormant assets into income-generating serviced apartments.
Khaled El Sayyad, founder of Prime Residential and PHMG Executive Chairperson, teams up with hospitality expert Moataz Amin, the Group CEO, and New York-based investment professionals, Karim El Sayyad and Ahmed El Saharty, to establish Prime Hospitality Management Group (PHMG), Egypt’s first dedicated third-party property management company.
Concurrent with this launch, PHMG is excited to announce its first two product offerings as part of the Group’s portfolio; “Prime Select” offering a curated selection of luxurious furnished serviced apartments, and “Prime Residence” offering serviced apartments in buildings with full amenities.
“We have launched PHMG intending to maximize rent potential for owners by offering serviced apartment amenities and features while leveraging a dedicated corporate and property management team to minimize costs,” El Sayyad added.
“It’s taken time, hard work and adaptation but today the combination of our strong team and technology has allowed us to reach a 72% year-on-year revenue increase in our managed properties,” Amin said.
“This is a great opportunity for real estate owners given the current economic dynamics in Egypt, where the rental market has not fully developed after the 2016 currency devaluation,” said El Saharty.