Recent statistics disclosed by the Misr Hotel company reveal that pre-tax surpluses for the fiscal year 2000/2001 reached about 45.6 million Egyptian pounds ($10.7 million). During the previous year, surpluses amounted to some EP 54.58 million, according to Al-Alam Al-Yaum daily.
Surpluses carried over from the 1999/2000 fiscal year equaled approximately EP 49.7 million, compared with the previous year, when these stood at EP 30 million. Company reserves grew to EP 237 million during the 2000/2001 fiscal year from EP 131 million the previous year.
The Company is listed on the Cairo Stock Exchange and owns huge assets, amongst them five star hotels and some real estate assets and land over 30,000 square meters in Hurghada, in addition to a solid market reputations.
Misr Hotels Company was founded in 1955. Nile Hilton, the primary asset of the Company, is favored among business travelers, and has recorded an average 84 percent occupancy over the past 3 years, one of the highest rates in the industry. The average stay per guest in the Nile Hilton is 8.4 days, among the highest of five-star hotels in Egypt. Another large asset is the Dahab Hilton on Nemah Bay on the Gulf of Aqaba.
As part of the Egyptian government privatization scheme, the Holding Company for Hotels, Tourism and Cinema, chaired by Mustafa Aid, announced in June a tender for the sale of 70.54 percent of Misr Hotels Co., to an investor or group of investors.
Industry sources revealed that negotiations are currently underway regarding the sale of Misr Hotels to a group of Saudi Investors. In the past, however, the Egyptian government has had difficulty finding a buyer for Misr Hotels. Earlier this year, the Ministry of Public Enterprise submitted a report regarding a 25-year extension of land utilization rights for the Nile Hilton, owned by Misr Hotels. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
