(2018-07-15) Renovating historical hotels subject of negotiations with NBE
The Egyptian General Co. For Tourism and Hotels ( Egoth) is negotiating with the National Bank of Egypt financing a renovation plan for projects including Mena House and Winter House in the current fiscal year of 2018/2019. Egoth seeks to inject EGP500mln investments out of a EGP844mln targeted by owner of Egoth, Holding Co. For Tourism and Hotels and Cinama. Ministry of Public Business Sector said that HCTHC aims at increasing investments by 195% in the current fiscal year up from investments provided in FY2016/2017. Other projects scheduled to be revamped include Shepheard Hotel, Zamalek's Marriot, Alexandria's Palastine Hotel, Luxor's Winter Palace Hotel, Safir Dahab Hotel owned by Misr Hotels Company. Also, branches of Misr Tourism Co., tourist transport fleet, Romance and Port Said Hotels are included in the renovation plan. Minister of Public Business Sector Hisham Tawfiq urged thorough appraisal to be conducted for the investment portfolio within 6 months as well as updating the economic feasibility of projects such as Shepheard Hotel and Marsa Alam Hotel. " Egoth aims at increasing total revenues to EGP392mln by 62% up from fiscal year 2016/2017 and net profits by 65% to EGP269mln in fiscal year 2016/2017," said chairman of Mervat Hataba.