750 million pounds bid to purchase Cairo Marriott Hotel

The Egyptian government received a proposal to purchase the Cairo Marriott Hotel, worth 750 million Egyptian pounds, from the United Arab Emirates company Life Renaissance, but the Egyptian Cabinet refused this proposal.

Egyptian investors presented an offer of 1.25 billion Egyptian pounds to purchase the hotel, but they retreated due to problems regarding the method of the governmental evaluation of the value of the property, which the investors viewed as exaggerated.

This hotel was built more than 130 years ago on the occasion of the opening of the Suez Canal.

The land upon which the hotel is built is estimated at a value of 3 billion pounds on an area of 59,000 cubic meters.