Phase 3: The following 5 years of operations, during which EGOTH receives 25% of net profit with a minimum of EGP 4 million;
Phase 4: The last 8 years of the contract, during which EGOTH receives 75% of net operating profit with a minimum of EGP 4.
Phase 2: The following 5 years, EGOTH gets 25% of net profit with a minimum of EGP 4 million annually;
Phase 3: Includes the last 8 years of the contract, where EGOTH gets 75% of net operating profit.
EGOTH and The Rocco Forte Collection will start work immediately on plans to restore and renovate The Shepheard to its former glory and make it once again one of the best luxury hotels in the region.
General Nabil Selim, chairman of EGOTH, said: "The Shepheard has occupied a special role in the life of Cairo and I am very pleased that we are today announcing a new partnership to help us make it a luxury hotel of which Egypt can be very proud.
I do not deny that some hotels are still incurring losses; the management of EGOTH
seeks turning these losses into profits in a short period of time.
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.
The company has moved from recording losses to profits, as in fiscal year (FY) 2013/2014, EGOTH
recorded EGP 173m losses and accumulated losses amounted to EGP 195m," Hassan said.
was working on developing the hotel during 2014 through loans from state-owned banks worth EGP 400m.
It's quite a statement that what is essentially a government-owned company, EGOTH
is doing a good job of restoring these properties.
Aa The hotel is owned by EGOTH
, a subsidiary of Egypt's Holding Company for Tourism, Hotels and Cinema, HOTAC.