{"id":569885,"date":"2020-03-10T04:20:14","date_gmt":"2020-03-10T04:20:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/egoth-saudis-al-sharif-group-sign-egp-1-4-bn-agreement-to-refurbish-shepheard-hotel\/"},"modified":"2020-03-10T04:20:14","modified_gmt":"2020-03-10T04:20:14","slug":"egoth-saudis-al-sharif-group-sign-egp-1-4-bn-agreement-to-refurbish-shepheard-hotel","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/egoth-saudis-al-sharif-group-sign-egp-1-4-bn-agreement-to-refurbish-shepheard-hotel\/","title":{"rendered":"EGOTH, Saudi\u2019s Al Sharif Group sign EGP 1.4 bn agreement to refurbish Shepheard Hotel"},"content":{"rendered":"

The Egyptian General Company for Tourism and Hotels (EGOTH) has signed a EGP 1.4 bn 35-year contract with Saudi Arabia\u2019s Al Sharif Group to refurbish downtown\u2019s long dormant Shepheard Hotel, the cabinet said in a statement<\/a>. 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\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Egyptian General Company for Tourism and Hotels (EGOTH) has signed a EGP 1.4 bn 35-year contract with Saudi Arabia\u2019s Al Sharif Group to refurbish downtown\u2019s 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7377],"tags":[3211,72,955,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-569885","post","type-post","status-publish","format-standard","hentry","category-tourism","tag-egyptian-general-company-for-tourism-and-hotels","tag-enterpriseam","tag-hospitality","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"8a76800f-80d2-4a49-95ac-90691b95234b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[569856],"teaser":"","voice_url":""},"yoast_head":"\nEGOTH, Saudi\u2019s Al Sharif Group sign EGP 1.4 bn agreement to refurbish Shepheard Hotel - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/egoth-saudis-al-sharif-group-sign-egp-1-4-bn-agreement-to-refurbish-shepheard-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EGOTH, Saudi\u2019s Al Sharif Group sign EGP 1.4 bn agreement to refurbish Shepheard Hotel\" \/>\n<meta property=\"og:description\" content=\"The Egyptian General Company for Tourism and Hotels (EGOTH) has signed a EGP 1.4 bn 35-year contract with Saudi Arabia\u2019s Al Sharif Group to refurbish downtown\u2019s long dormant Shepheard Hotel, the cabinet said in a statement. 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The company recently signed a loan agreement for the same amount with the National\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630199,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/govt-looks-into-setting-up-jv-with-emirati-company-to-develop-shepheard-hotel\/","url_meta":{"origin":569885,"position":2},"title":"Gov\u2019t looks into setting up JV with Emirati company to develop Shepheard hotel","author":"enterpriseam admin","date":"15 April 2018","format":false,"excerpt":"The Public Enterprises Ministry is in talks with an unnamed Emirati company to set up a joint venture with the Egyptian General Company for Tourism and Hotels (EGOTH) to develop the Shepheard hotel in downtown Cairo, Al Mal reports. The agreement would see the Emirati company and EGOTH each holding\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573691,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/13\/national-bank-of-egypt-in-loan-talks-with-egoth-hotac-to-finance-hotel-renovations\/","url_meta":{"origin":569885,"position":3},"title":"National Bank of Egypt in loan talks with EGOTH, HOTAC to finance hotel renovations","author":"enterpriseam admin","date":"13 August 2020","format":false,"excerpt":"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 \u2014 which is a subsidiary of The Holding\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622982,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/17\/seven-bidders-eye-downtowns-storied-shepheard-hotel\/","url_meta":{"origin":569885,"position":4},"title":"Seven bidders eye Downtown\u2019s storied Shepheard Hotel","author":"enterpriseam admin","date":"17 October 2018","format":false,"excerpt":"Seven unnamed Egyptian and international bidders are interested acquiring a 51% stake in a joint venture with the state-owned Egyptian General Company for Tourism and Hotels (EGOTH) to redevelop Downtown Cairo\u2019s storied Shepheard Hotel, EGOTH head Mervat Hataba said, according to a report in Al Mal. 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