|
Alexandria's San Stefano hotel sold to Prince Al-Walid group
Egypt, Business, 7/16/1998
An Arab - Egyptian group secured a deal to buy the property of San Stefano Hotel in Alexandria at a cost of 270 million pounds ($79.6 million).
Economic sources told ArabicNews.com that the Holding Company for Housing, Tourism and Cinema has placed a condition that the buyer of the estate must establish a five-star hotel with the name of the old hotel, as well as a showroom, game room and conference hall.
The group is headed by an Alexandria company for real estate investment and Saudi Arabia's Prince al-Walid Bin Talal, and it comprises a number of Arab and Egyptian investors. The Alexandria Company for Arab Investment will assume management of the project which will cover 31.1 thousand square meters.
The executive chairman, Hesham Talat Mostfa, said that a shared company for the hotel project will be established with a capital of 500 million pound ($147 million) with total investments reaching one billion pounds ($295 million).
Previous Stories:
Egypt expresses optimism toward winter tourism prospects
(7/10/1998)
Selling of 17 Egyptian hotels during the coming weeks
(4/10/1998)
Selling the Al Nile and San Stefano hotels in Egypt
(1/28/1998)
Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.
|
Advertise on ArabicNews.com. MyFlowers.com sold more than $2700 of flowers in one month advertising on ArabicNews.com! Make your company, and products a success. Special rate for new and small business. Inquire!Advertising Info


|