The Egyptian General Company for Tourism and Hotels (EGOTH) is in talks with the National Bank of Egypt (NBE) for a EGP 400 mn loan to finance renovations of the Sofitel Winter Palace Hotel in Luxor, according to the local press. EGOTH — which is a subsidiary of The Holding Company for Tourism — will cover the remaining EGP 600 mn needed for the development. NBE is also in talks with the Holding Company for Tourism and Hotels for a EGP 1.2 bn loan to restore the historic Continental Hotel, Chairperson Mervat Hataba tells Al Mal. The renovations are expected to cost EGP 1.7 bn.

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