The family-held 81-unit hotel chain Steigenberger announced in early August that it has been acquired almost in its entirety by Egyptian tourism company Travco Group International, owned by Hamed El Chiaty and his family. The two parties agreed not to disclose the price, but Travco said its aim is to expand the brand internationally.

The transaction includes the brands Steigenberger Hotels and Resorts and InterCityHotel, but does not encompass its flagship hotel in Frankfurt, which remains in Steigenberger family ownership. A statement said Travco, which also operates hotels and Nile cruise ships, will continue to pursue and further develop the long-term targets of the company.

"The chain has been rumoured to be up for sale for some time, but nothing was really definite until now," one realtor hotel specialist says. "We are seeing a little more activity now, in line with other asset classes, but until now it has been mainly domestic investors, mostly single asset deals by insurance groups, with foreign investors mainly holding back."