Phase 3: The following 5 years of operations, during which EGOTH
receives 25% of net profit with a minimum of EGP 4 million;
Phase 2: The following 5 years, EGOTH
gets 25% of net profit with a minimum of EGP 4 million annually;
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.
According to the terms of the contract, EGOTH
will acquire profit shares of 90% while Marriott International will acquire 10%.
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.
How much did the company pay in dues to EGOTH
and Misr Travel Company?
Wadi Degla Development also paid EGP 30m out of EGP 640m due to Misr Travel Company, the total amount will be repaid over a five-year period for the development of Magawish Village in Hurghada, which is owned by Misr Travel and affiliated to EGOTH
Hataba said the renovation works started in 1994 but were subsequently suspended; HOTAC and EGOTH
recommenced the project at a later date.
is less likely to achieve targeted profits, estimated at EGP 240m, versus EGP 172m achieved last year, according to Hassan.
However, we were able to benefit from all the company's assets and follow up on the hotel management companies while operating the hotels owned by EGOTH
recorded profits worth EGP 111m between July 2014 and March 2015, says Samir Hassan
The companies that witnessed losses and which began to recover recently were the Egyptian General Company for Tourism and Hotels EGOTH
, Orascom Development Holding (ODHN AG) and Mena for Touristic and Real Estate Development, amongst others.