Hilton Worldwide Holdings Inc. (HLT) is branching out in North Africa.
The Virginia-based company said it plans to expand its properties in Egypt by 40% by 2022, adding 2,500 rooms and taking on seven new projects, Hilton's VP of the North Africa region Mohab Ghali told Reuters on the sidelines of an event to promote tourism in Egypt's Port Said.
Hilton currently runs 17 hotels in Egypt. The country utilizes tourism as one of its main sources for foreign currency and employment. Since the 2011 political uprising, Egypt has worked to regenerate interest in traveling to the North African country. Last month, Egypt's tourism revenue increased more than 210% year-over-year to $5.3 billion for the first nine months of 2017, Reuters reported.
"The average occupancy rate at hotels in Egypt has increased by 20-25% this year," Ghali said. "As long as there is economic and political stability, you'll see the numbers of tourists improving."
Hilton stock closed higher 0.4% to $72.91 Tuesday, Nov. 15.
More of What's Trending on TheStreet: