Egypt's Travco Buys German Hotel Chain Steigenberger
AUGUST 20, 2009 - Travco announced Thursday it had acquired Germany's Steigenberger Hotels as part of it's international expansion effort.
Under the takeover deal, the Steigenberger family is to sell its 99.6-per-cent stake in the company to Travco. No details of the price were announced.
According to reports, the family will retain three properties: Frankfurter Hof in Frankfurt, the Steigenberger Airport Hotel and the Hotel Belvedere in Davos, Switzerland.
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