Fifteen real estate development companies are competing to establish a food court in Mövenpick Hotel in El-Haram, according to an official at the Tourism Urbanization Company, adding that the cost of the food court will be in the range of EGP 80m to 90m.
The companies competing to build the project include Amer Group, Al-Hokair, Wadi Degla, Palm Hills, Al-Futtaim, Misr for Real Estate and Tourism, UAE’s Al-Shafar, Maxim Holding, Al-Ahly for Real Estate Development, Wadi Degla, Saudi Binladin Group.
The official, speaking on condition of anonymity, said that the Tourism Urbanization Company plans to develop Mövenpick El-Haram in line with the resumption of construction works in the Egyptian Museum. It is expected construction works will be completed by the end of 2015.
The museum aims to receive 150,000 daily visitors, while Mövenpick is expected to receive some of these numbers due to its proximity to the museum, said the official.
The commercial area of the food court is 10,000 sqm and will be tendered to the investors through usufruct.
In the first half of February, hotel occupancies amounted to 65%, and the official expects the number to maintain the increase.
He further expected the food court to be completed in two years from the start of construction works.
In March, the company will present its general assembly with a plan to develop the hotel in order to raise its capacity to 460 rooms from 300, and increase investments to up to 6.52m shares, at EGP 10 per share.
The company bore losses in the last nine months worth EGP 6.9m, compared to EGP 6m during the same period last year.
According to the official, the company is having negotiations with the National Bank of Egypt (NBE) and Commercial International Bank (CIB) regarding its offers to establish a bank branch on its lands with a space area of 800 square metres.
“We will choose the highest rental offer given, on condition that the bank gets 50% of the income, and the other 50% will be deducted from the cost of building the branch,” added the official.