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Shepheard Hotel ... Emirati firm eyes investment.

UAE firm keen to operate Shepheard Hotel

CAIRO, January 15, 2015

An Emirati company is looking to reopen and manage the iconic Shepheard Hotel in Cairo, Egypt, with investments of up to EGP500 million ($69.9 million).

An official of the Ministry of Investment confirmed that the company had requested all the details of developing the hotel and its structure, a report in Daily News Egypt said.

The 257-room Shepheard Hotel in Garden City, Cairo, is owned by the Egyptian General Company for Tourism and Hotels (Egoth), which owns 11 hotels in different areas in the country.

The hotel was closed after Egoth terminated a contract with hospitality group Rocco Forte at the start of 2013, following a disagreement concerning employees’ salaries.

Shepheard Hotel then endured an annual loss of over EGP10 million ($1.39 million) as a result of halting its services. Egoth was working on developing the hotel during 2014 through loans from state-owned banks worth EGP400 million ($55.93 million). Development was set to be in partnership with the private sector but the company did not receive any offers from investors to participate, the report said.




Tags: UAE | Egypt | Cairo |

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