Orascom Hotels and Development – a sister company to the Egyptian firm that recently received $110 million in state tax incentives to build a fertilizer plant in southeast Iowa – was featured in Sunday's New York Times for its construction of a $1.92 billion exclusive Swiss resort for the world's wealthiest jet set.
Orascom Hotels and Development, part of Orascom Group, is building the five-star resort at Andermatt, Switzerland, and the first of five hotels will have a 4,500-square-foot penthouse that will rent for $43,000 a night, according to the Times article. Prices for villas in the development start at $1 million for a studio or one-bedroom of about 732 square feet, the Times reported.