The Egyptian General Company for Tourism and Hotels (EGOTH) is to inaugurate Elephantine Hotel in Aswan governorate on February 13, 2016, Samir Hassan -chairman and managing director- stated Tuesday.
Speaking to Amwal Al Ghad, Hassan stated that the new hotel has been established with investment cost of 200 million Egyptian pounds (US$25.5 million) to operate with the capacity of 204 rooms. Elephantine hotel is considered as a great add to Mövenpick hotel in Aswan, the official pointed out.
He added that the two hoteld are set to be named Mövenpick Elephantine Aswan.
After opening Elephantine Hotel, EGOTH is set to offer 6,000 meters in Elephantine island to investors.
Hassan clarified that EGOTH depended on the revenues of signing hotels agreement to provide the necessary funds for establishing Elephantine Hotel.
The chairman added that Egyptian General Company for Tourism and Hotels does not have the approach to get loans to finance its projects within the upcoming period.