EGOTH, Saudi’s Al Sharif Group sign EGP 1.4 bn agreement to refurbish Shepheard Hotel

The Egyptian General Company for Tourism and Hotels (EGOTH) has signed a EGP 1.4 bn 35-year contract with Saudi Arabia’s Al Sharif Group to refurbish downtown’s long dormant Shepheard Hotel, the cabinet said in a statement. The restoration of the 316-room hotel, one of the oldest in Egypt, will be completed within 42 months at a cost of EGP 2.5 bn. Al Sharif will receive 69% of the hotel’s net profits for the first 10 years of the contract and 60% over the remaining 25 years. EGOTH will receive a USD 1 mn signature bonus, and Rocco Forte Hotels will manage the final settlement once the contract expires, as well as the bid for companies seeking to manage the hotel.