Beltone Leasing, a wholly owned subsidiary of Beltone Financial Holding, has formed a strategic partnership with Pickalbatros Hotels & Resorts Group.

The partnership involves an E£750m ($24.23m) sale and leaseback deal of Laguna Vista Beach Resort in the city of Sharm El Sheikh, Egypt.

The resort features swimming pools, a spa, a fitness centre, restaurants, bars and a kids' club.

Beltone Leasing CEO Amir Ghannam stated: "We are thrilled to collaborate with Pickalbatros Hotels & Resorts Group on this transaction. As a trusted financial services provider, Beltone Leasing is committed to supporting the growth and development of businesses in Egypt and the region.

"This partnership exemplifies our dedication to providing innovative financing solutions that cater to the evolving needs of our clients."

The agreement offers the working capital financing needs of Pickalbatros Hotels & Resorts Group, a hotel chain that operates in Egypt and across the Middle East and North Africa (MENA) region.

Pickalbatros Hotels and Resorts chairman Kamel Abou Ali stated: "We are pleased to collaborate with Beltone Leasing.

"The financing provided will enable us to enhance our working capital and further expand our hotel portfolio, strengthening our position as a leading hospitality brand in Egypt and the MENA region. We look forward to a fruitful partnership with Beltone Leasing."

With a 30-year history, the hotel chain currently manages 25 properties in Egypt, including at locations such as Hurghada, Marsa Alam, Sahl Hasheesh and Sharm El Sheikh. It also operates three properties in Morocco.

This partnership supports the continued growth of the hospitality industry in Egypt.