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Sunday, 18 November 2018

EGOTH to sell 51% stake in Grand Continental Hotel

The state-owned Egyptian General Company for Tourism and Hotels (EGOTH) plans to sell a 51% stake in the Grand Continental hotel project, EGOTH Chairperson Mervat Hataba tells Al Mal. EGOTH plans to form a JV with the private sector to manage the site of the hotel — one of downtown Cairo’s historic grand hotels, whose demolition was ordered in February. A tender to the private sector in a manner similar to the Shepheard Hotel will be held, she added. The government plans to build a new hotel at the site of the original, while maintaining similar periodic architectural design. The demolition order was met with opposition, due to it being considered a landmark in downtown Cairo.

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