National Bank of Egypt in loan talks with EGOTH, HOTAC to finance hotel renovations

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.