Hataba gave an overview of the projects implemented by HOTAC
and its affiliates, especially for achieving optimum benefit out of private owned assets, particularly targeted hotels to be developed and expanding real-estate investment projects of available assets.
From the very beginning, Marriott has had a productive relationship with EGOTH and HOTAC
and we look forward to serving guests at the Cairo Marriott for years to come," said JW Marriott Jr, chairman and chief executive officer of Marriott International.
HOTAC aims to attract new tourists from countries that have not issued travel warning to their national citizen for travelling to Egypt, including Ukraine and Germany, to increase occupancy in the company's hotels.
HOTAC aimed to record revenues of EGP 366m by the end of the current fiscal year, compared to EGP 90m in the previous fiscal year.
HOTAC is considering providing shop tenants with alternative shops until the renovation process is completed, or they can also to choose to exit and leave permanently, Hataba said.
EGOTH plans to establish a 250-room four-star hotel, in cooperation with HOTAC.
Tourism Minister Khaled Rami and HOTAC
officials were also present at the inauguration.
Hataba said the fund comes from the company's Ain Sokhna project income, adding that HOTAC
decided it will self-fund due to lack of available funds.
, which is affiliated to the Ministry of Investment, developed the branches in Cairo, and the Beheira and Daqahleya governorates.
The conference followeda meeting Saturday evening between Salman, Mervat Hatabah, Acting Chairman of HOTAC
, and a number of heads of HOTAC
Great sums of money are needed for such large-scale projects, sums that were until recently self-financed by HOTAC
Aa The hotel is owned by EGOTH, a subsidiary of Egypt's Holding Company for Tourism, Hotels and Cinema, HOTAC