TIC Sells Sea Club Hotel with EGP 50 mln

Tourism International Company (TIC), affiliated to Remco Group, sold Sea Club Hotel Ain Sukhna to Sogelease Egypt with EGP 50 million.

Ayoub Adly Ayoub, board’s chairman, said Sogelease Egypt will rent the hotel to Remco under a finance lease contract; its value is EGP 63.4 million to be paid on 4 years, with EGP 3.9 million installment every 3 months.

He explained that the company seeks to save financing ways for its different projects during the recession that the real estate and tourism sectors face after the revolution; adding that Remco possesses 99% of TIC.

The company in Q1 of 2012 lost EGP 5.007 million, decreased by 83.5% compared to EGP 30.404 million losses in 2011.