Selling the Al Nile and San Stefano hotels in Egypt
Egypt, Business, 1/28/1998
The Egyptian government decided to put up for sale Al Nile and San Stefano hotels during the upcoming months. It decided to sell Al Nile Hotel to a principal investor and to sell the grounds of the San Stefano Hotel for setting up a tourist project and an international hotel.
The decision to sell the two hotels came at a time when the privatization plan for hotels slowed down as a result of last November's terrorist attack in Luxor. The occupancy rate in some hotels declined to 10%.
A well-informed source in the Egyptian Hotels Company stated that the company made a study before putting the two hotels for sale. The study showed that Al Nile hotel needs a restoration operation that would cost L.E. 50 million in order to make it ready for sale. He added that the San Stefano Hotel was offered for sale more than once but no one was interested in buying it.
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