EGOTH in talks with banks for EGP 400 mn loan to renovate Sofitel Winter Palace

The Egyptian General Company for Tourism and Hotels (EGOTH) is in talks with unnamed local banks for a EGP 400 mn loan to refurbish its Sofitel Winter Palace hotel in Luxor, EGOTH Chairman Sherif Bendary said. The company recently signed a loan agreement for the same amount with the National Bank of Egypt to renovate the historic palace adjacent to the Marriott Mena House hotel. Both loans will come from the EGP 50 bn set aside by local banks to support the tourism sector under a recently expanded central bank program.