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Sunday, 24 July 2016

NHPS holds EGM to approve accelerated sale of Le Meridien Heliopolis

The National Company for Housing for Professional Syndicates (NHPS) board is holding an EGM to approve the accelerated sale of Le Meridien Heliopolis, Al Mal reported. A financial consultant will be contracted to evaluate the hotel and present the findings to the board in time for the EGM. NHPS built the hotel with a capacity of 318 rooms and an investment value of EGP 120 mn and is free of any financial obligations. The company estimates the hotel’s market value at USD 75 mn, or around EGP 500 mn.

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