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Thursday, 27 September 2018

EGOTH invites investors to participate in JV to develop Shepheard Hotel

The Egyptian General Company for Tourism and Hotels (EGOTH) has invited hotel developers and investors to participate in a joint venture to develop the Shepheard Hotel in downtown Cairo, according to EGOTH head Mervat Hataba. EGOTH is offering investors a 51% share of the JV, and will accept investor offers until 16 October. The Public Enterprises Ministry had been in talks with an unnamed Emirati company to set up the JV with EGOTH. The agreement would have seen the Emirati company and EGOTH each holding a 50% share of the JV. It remains unclear why these talks fell through. The hotel’s development is expected to cost USD 130 mn.

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