Cairo – Mubasher: The Egyptian General Company for Tourism and Hotels (EGOTH), affiliated to the Ministry of Public Enterprise Sector, has signed an agreement with Saudi Arabia’s AlSharif Group Holding to finance developing and furnishing Shepheard Hotel.
At an investment cost of EGP 1.4 billion, the hotel will be renovated to be ready for operation as part of the government’s efforts to develop hotel assets and maximise their revenues, according to a statement on Sunday.
After competing with several investors, AlSharif Group Holding was awarded a contract to finance the development and management of the hotel.
Over a period of 42 months, the building will be developed as a five-star hotel featuring 316 rooms and suites, in addition to receiving the required licences and approvals for development.
In December 2018, EGOTH completed the first phase of renovation of Shepheard Hotel, which was closed in 2013, at a cost of EGP 198 million.
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