Misr Travel studies four bids for $383mn Magawish Hotel

State-run Misr Travel said Saturday it received four offers to establish a 400,000-metre hotel on Magawish resort, located a few kilometers off the coast of Hurghada.

The planned hotel will be with investments worth 3 billion Egyptian pounds (US$383,35 million).

Speaking to Amwal Al Ghad Saturday, Rashad Refai – Chairman of Misr Travel – said his company would review the offers submitted by the four firms for touristic investment to eventually announce the winner on August 26 this year.

Misr Travel owns a land plot on a space of 850,000 metres across Magawish, where it had already built a 450,000-metre hotel and plans to make use of the remaining 400,000 metres in the launch of a Porto or aqua-park project.

Moreover, Refai said Misr Travel seeks to enter the real estate investment market in order to double its profits by implementing a number of hotel and housing projects in the upcoming period.