{"id":582095,"date":"2023-02-13T00:00:00","date_gmt":"2023-02-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/the-states-new-hotel-company-is-ready-to-go-to-market-but-is-a-30-stake-enough\/"},"modified":"2023-02-13T00:00:00","modified_gmt":"2023-02-13T00:00:00","slug":"the-states-new-hotel-company-is-ready-to-go-to-market-but-is-a-30-stake-enough","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/13\/the-states-new-hotel-company-is-ready-to-go-to-market-but-is-a-30-stake-enough\/","title":{"rendered":"The state\u2019s new hotel company is ready to go to market \u2014 but is a 30% stake enough?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">A new state-owned company that will own a portfolio of seven five-star properties nationwide could offer as much as <\/span><span style=\"font-weight:700\">20-30%<\/span><span style=\"font-weight:700\"> of its shares to private investors as part of the Madbouly government\u2019s privatization program<\/span><span style=\"\">, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tinyurl.com\/3ffx6jy6\" style=\"\">Hapi Journal<\/a><\/span><span style=\"\"> reports.<\/span><span style=\"font-weight:700\"> <\/span><span style=\"\">The seven hotels are now owned by the state\u2019s Holding Company for Tourism and Hotels (HOTAC) and are being transferred to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/25\/govt-to-decide-on-hotel-privatization-within-two-months-94552\/\" style=\"\">newly established holding company<\/a><\/span><span style=\"font-weight:400;\">, HOTAC chief Adel Wali told the newspaper. The Sovereign Fund of Egypt is managing the transaction.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Two names confirmed: <\/span><span style=\"\">The seven hotels on offer include the <\/span><span style=\"font-weight:700\">Cairo Marriott Hotel<\/span><span style=\"\"> in Zamalek and <\/span><span style=\"font-weight:700\">Marriott Mena House<\/span><span style=\"font-weight:400;\"> next to the pyramids complex, Wali is quoted as saying. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Other potential candidates: <\/span><span style=\"\">The other five names haven\u2019t yet been confirmed, but former public enterprises minister Hisham Tawfik last year <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/06\/27\/a-30-stake-in-the-new-hotels-company-will-be-up-for-grabs-the-saudis-have-their-eyes-on-the-stake-in-egyptalum-74729\/\" style=\"\">reportedly said<\/a><\/span><span style=\"font-weight:400;\"> Aswan\u2019s Sofitel Legend Old Cataract and the Steigenberger Cecil Hotel in Alexandria would be included alongside the two Marriott hotels. All four locations are owned by HOTAC.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who\u2019s buying?<\/span><span style=\"\"> A government source told Enterprise <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/25\/govt-to-decide-on-hotel-privatization-within-two-months-94552\/\" style=\"\">in January<\/a><\/span><span style=\"font-weight:400;\"> that most of the interest was coming from Gulf funds, adding that the government was reevaluating which hotels to include in the sale following the latest devaluation of the EGP. Saudi Arabia\u2019s Public Investment Fund (PIF) has been named as one of the most eager potential investors.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">WATCH THIS SPACE- Will strategic investors (foreign or domestic) have appetite for minority stakes? <\/span><span style=\"\">Most strategic investors have strong preferences for majority stakes (to ensure they can full consolidate the results of their new investment) with clear management control (to make sure they can drive performance improvements).<\/span><span style=\"font-weight:700\"> <\/span><span style=\"\">This theme will run throughout the privatization program \u2014 doubly so when we\u2019re talking about well-managed, well-governed companies that aren\u2019t already listed on the EGX. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER-<\/span><span style=\"\"> PM Moustafa Madbouly last week <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/09\/rebooted-privatization-program-to-see-stakes-in-32-companies-sold-to-strategics-public-investors-96067\/\" style=\"\">unveiled the government\u2019s plan<\/a><\/span><span style=\"\"> to sell stakes in 32 state-owned companies \u2014 including unnamed hotels \u2014 through sales to strategic investors and offerings on the EGX. The plan runs from the current quarter through to the end of 1Q 2024, with at least 25% of the share sales \u2014 or eight transactions, for those of you keeping track at home \u2014 set to come within the first six months. The government first announced <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/05\/16\/madbouly-announces-plans-to-privatize-state-assets-boost-private-investment-71163\/\" style=\"\">last year<\/a><\/span><span style=\"\"> that it would merge seven or eight state-owned hotels into a single entity to be offered up as part of the privatization plans.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new state-owned company that will own a portfolio of seven five-star properties nationwide could offer as much as 20-30% of its shares to private investors as part of the Madbouly government\u2019s privatization program, Hapi Journal reports. The seven hotels are now owned by the state\u2019s Holding Company for Tourism and Hotels (HOTAC) and are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":582097,"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":[7321],"tags":[72,955,81,587,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-privatization-watch","tag-enterpriseam","tag-hospitality","tag-privatization-watch","tag-state-privatization-program","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"5feadfe7-5463-42fc-8878-5a43be867458","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/marriott-menahouse-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582090],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.3d87b226-f087-403b-a81f-147f9c7c8f0c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The state\u2019s new hotel company is ready to go to market \u2014 but is a 30% stake enough? - 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\/2023\/02\/13\/the-states-new-hotel-company-is-ready-to-go-to-market-but-is-a-30-stake-enough\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The state\u2019s new hotel company is ready to go to market \u2014 but is a 30% stake enough?\" \/>\n<meta property=\"og:description\" content=\"A new state-owned company that will own a portfolio of seven five-star properties nationwide could offer as much as 20-30% of its shares to private investors as part of the Madbouly government\u2019s privatization program, Hapi Journal reports. 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