Phoenix Reisen cruiseship to become Egyptian floating resort

Germany's Phoenix Reisen has sold its oldest cruiseship to Egyptian hoteliers for conversion into a floating resort hotel.

The Bonn-based operator has tied up a deal to sell the 28,500-gt Albatros (built 1973) to the Kamal Abou Aly-led Pickalbatros Hotel chain, which operates 15 resort hotels in the Egyptian holiday destinations of Hurghada, Sahl Hasheen, Sharm El Sheikh and Marsa Alam.