Alexandria's San Stefano hotel sold to Prince Al-Walid group

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).