Historic Hotels of Egypt to receive $368 million for renovation
The Egyptian Group of Tourism and Hotels (EGOTH), owners of 22 historical Egypt hotels, will be promoted in the country's tourism market under the new Historic Hotels of Egypt brand after receiving $ 368 million of funding from the state.
The Egyptian Group of Tourism and Hotels (EGOTH), creators of a new hotel brand of Egypt hotels, will receive state support in order to promote them in the tourist market.
The EGOTH Company currently own 22 Egypt hotels in which nine properties feature areas of historical value and will now be promoted under the Historic Hotels of Egypt brand.
To help promote the brand, the company will receive $368 million which will be allocated to the project for the reconstruction and rebuilding of the former magnificence of these luxury hotels.
A number of these Historic Hotels of Egypt are already undergoing changes and massive restoration including The Shepheard Hotel in Cairo which has been providing Egypt holidays for travellers since 1841. Restoration work on one of the oldest and most luxurious of Cairo hotels began in July 2010 with support from the Rocce Forte Luxury Collection hotel chain.
The Old Cataract Hotel, famous for visits from Princess Diana and Winston Churchill and situated in Aswan, will be open to guests after restoration which will take place this year. The Nile Ritz Carlton Cairo is expected to be restored and reopened in 2013.
Other properties under the Historic Hotels of Egypt brand include The Palestine Hotel and the Cecil Hotel in Alexandria; Mena House Oberoi close to the Pyramids; the Marriott in Cairo; and the Luxor hotel, Winter Palace.
Historic Hotels has a network of hotels across Europe, Canada, and the United States, of which some are privately owned and some are owned by the state or governments. Individuals looking to invest in the restoration of Egypt hotels are also permitted, according to EGOTH.
Chairman of EGOTH, General Nabil Selim, explained: "We want to upgrade the entire hospitality industry. We are investing the money not just to protect the assets, but to attract new hotel chains that have not operated in Egypt before."
He added: "It is also important that the state-owned hotels can compete with newcomers from the private sector."
The restored hotels will also feature new conference and meeting facilities with state-of-the-art equipment and facilities.
"Meetings, conference and incentive planners think two years in advance. That is why I am launching [the brand] now, because in two years I'm going to have my entire portfolio renovated," said Selim.
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