Pyramisa Hotels suspends its investment plan due to COVID-19

The current crisis led to the postponement of the opening of Paradise hotel in Hurghada, which was scheduled for the end of last April

  
Image used for illustrative purpose. Man talking on the phone in hotel room.

Image used for illustrative purpose. Man talking on the phone in hotel room.

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Egypt -Pyramisa Hotels and Resorts SAE (PHTV) suspended its investment plan for the current year, as a result of Coronavirus (COVID-19) repercussion on its business and the expected revenues, according to Al Mal news website.

"The company has postponed investment of EGP 50-60 million, supposedly to be injected into the renovation and maintenance of all of its hotels as well as continuity of construction of Pay View real estate project," the company chairman Magdy Azab said. "Pyramisa owns 4 hotels, distributed in Luxor, Aswan, Sharm El-Sheikh, Cairo, and 3 other hotels in Hurghada."

Azab pointed out that the current crisis led to the postponement of the opening of Paradise hotel in Hurghada, which was scheduled for the end of last April, to an unknown period, in addition to the Pyramisa Hotel Dubai which initially postponed until the end of this year.

In March, the company's ordinary general meeting approved the profit distribution attributable to shareholders of EGP 2 per share, totaling EGP 42 million.

Pyramisa Hotels and Resorts SAE is an Egypt-based company engaged in tourism and hotels development and investment. The company, along with its subsidiaries, is primarily involved in the ownership, establishment, sale, rent and management of hotels; the provision of travel, entertainment, therapeutic and sports facilities, and offering technical advises and economic feasibility studies for tourism development.

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