The general assembly of Orascom Development Egypt (ODE) approved the sale of its stake in Makadi Gardens Hotel, Royal Azur Hotel and Club Azur Hotel. The Board of Directors of Roaya for Tourism and Real Estate Development, a subsidiary of ODE, also approved the sale of a land plot in Makadi destination with the hotels. ODE hopes to net c. EGP 373.8 mn, the company said in a statement (pdf).

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