The investment committee of the Holding Company for Tourism and Hotels, headed by Mervat Hataba, approved the establishment of the first hotel management company affiliated with it, with a number of shareholders: Misr Travel 60%, the Holding Company 10%, EGOTH 10%, Misr Company for Reconstruction 10%, Hannaux Modern Fashion Company 5%, and the tourism marketing company CIT 5%, with complete separation between management and ownership.
Sameh Saad, CEO and Managing Director of Misr Travel, will chair the company, which will be established under Investment Law 159, with the purpose of managing 2-, 3- and 4-star hotels and tourist establishments.
Saad told Travel Yalla News that the company's agreed capital is EGP 10 million, and that a hotel management will be appointed according to specific standards, explaining that the company is independent and not affiliated with any other company, but Misr Travel holds the largest share and therefore represents the shareholders.
He added that this will be the first company whose shareholders are public business sector companies to manage hotels following international standards in this field, working to develop their infrastructure and implement international management systems related to the hospitality profession and everything related to the hotel business.
He stated that the new company will begin by managing two hotels owned by Misr Travel in Alexandria and Port Said, as well as floating restaurants, and will apply to universities to manage their hotels for faculty members and foreign missions. It is also negotiating to manage the Nefertari Hotel in Abu Simbel, owned by Misr Aswan Hotels Company.
He pointed out that a number of downtown apartments owned by Misr Travel and EGOTH will be developed and managed as hotel apartments, and that negotiations will also be held with the Holding Company for Insurance and Misr for Real Estate Assets to manage the apartments owned by the company in Khedivial Cairo.
Saad added that marketing plans have been drawn up to offer new deals that attract more customers, and that the company will be managed by a group of competent people with distinguished experience who have worked in international hotel chains.
