EGOTH signs agreement for $96mln 5-star hotel in Luxor

Egyptian General Company for Tourism will retain the ownership of the land

  
Image used for illustrative purpose. A room at the Vila Ventura hotel, where the Ecuador soccer team will be staying during the 2014 World Cup, is pictured in Viamao, Rio Grande do Sul, February 19, 2014.

Image used for illustrative purpose. A room at the Vila Ventura hotel, where the Ecuador soccer team will be staying during the 2014 World Cup, is pictured in Viamao, Rio Grande do Sul, February 19, 2014.

REUTERS/Edison Vara

Cairo – Mubasher: The Egyptian General Company for Tourism (EGOTH) has signed an agreement with the Arabian Company for Touristic & Hotel Investment to build a five-star hotel in Luxor.

The new hotel will include 200 rooms and suites, along with restaurants, meeting rooms, and a gymnasium, with total investments of EGP 1.5 billion, according to a statement released on Tuesday.

The hotel will be situated on EGOTH’s Sultana Malak Land which spans 21,400 square metres.

Under the agreement, the Arabian Company will own the hotel, while EGOTH will retain the ownership of the land and will receive a proportion of the hotel’s revenue.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Business