Almasalla news | Arab Tourism Portal News
Cairo, Egypt: almasalla.travel -PHMG (Prime Hospitality Management Group) opens 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 Chairman, 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 brands, 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.
Launched with the aim of disrupting the current real estate investment market while enhancing the standards of residential services in Egypt, PHMG manages dormant real estate properties for its owners. Properties range from a single unit under “Prime Select” to an entire building under “Prime Residence”.
Through active management, PHMG yields owners a return on their properties above traditional rental methods. PHMG also provides investors with peace of mind by handling all aspects of property management including consultancy, interior design, furniture procurement, brokerage, rent collection, expense management, and continuous maintenance.
“We are confident that PHMG will succeed in delivering this service by leveraging the Prime brand, in addition to Management’s hospitality and investment expertise.” Said Khaled El Sayyad, founder of PHMG. “After building a strong track record in real estate development and property management, we have launched PHMG with the goal of maximizing rent potential for owners by offering serviced apartment amenities and features while leveraging a dedicated corporate and property management team to minimize costs.” Khaled added.
While continuously investing in hospitality calibers and technology, PHMG strives to deliver services on par with international hotel chains. The Group is led by CEO, Moataz Amin, who’s accumulated over 27 years of hospitality expertise across the MENA region. “Abroad, rental buildings have amenities and services that enhance the living standards and lifestyle of the residents, this culture does not exist in Egypt and we are here to change that” stated Moataz.
Moreover, PHMG constantly develops its technology platforms and has strong presence on multiple booking sites and social media platforms coupled with in-house sophisticated hospitality management software, PHMG offers property owners best-in-class revenue management. “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” Moataz added.
PHMG’s investment team believes that despite the current economic challenges that the country faces, there are great opportunities to maximize return on real estate assets. “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 Ahmed El-Saharty, partner at PHMG and VP of MENA investments at a New York based hedge fund. “We’ve seen property owners delay sales transactions given low returns and Prime Select is a great way to maximize returns on these dormant properties even if the owners plan to sell these assets in the future” Ahmed added.
The current PHMG portfolio has over 50 units under management, and a further 75 units under development. PHMG’s management has 4 years of proven track record in the Egyptian real estate rental market, where their properties have outperformed market occupancy levels and have been awarded high ratings across various online booking platforms. PHMG caters and is preferred by various segments including corporates, newly-weds, tourists and expats, and locals looking to relocate.
PHMG invites single unit owners to partner with the Group through the Prime Select brand and building owners to partner with the Group through the Prime Residence brand. Prime Select guests will benefit from the same services that PHMG offers in Prime Residence properties: a 24/7 Concierge and Front Office, housekeeping, laundry services and access to the nearest Prime Residence 24/7 gym and Rooftop terrace.