Steigenberger Hotels AG said it sold its 81-property portfolio to Egyptian tourism firm Travco Group International Holding SAE.

Family-owned Owned by Hamed El Chiaty and family, Travco's 60-company holdings include 43 hotels, 22 cruise ships and a low-cost airline slated to launch this year. The companies said they plan to expand the Steigenberger Hotels and Resorts and InterCityHotel brands in Europe and the Middle East. The companies declined to disclose the transaction price, but said the German-based chain generated 2008 revenues of €500 million (US$705 million) while Travco posted 2008 revenues of €600 million (US$846 million).