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FINANCIAL NEWS
Egypt’s HOTAC Co. incomes reach USD 3.82mn losses
14 Jan 2016
(MENAFN) Incomes of the Holding Co. for Tourism, Hotels and Cinema (HOTAC) have declined by USD 3.82mn since Nov due to a drop in tourism sector.
Accordingly, HOTAC occupancy averages declined to 11 percent in Nov and to 9 percent in Dec, while more decline in occupancy in Jan will influence the incomes of this year.
Moreover, the firm plans to finish its investment strategy by increasing Shepherd Hotel by investing USD 31.83mn, and the Mena House Palace by USD 40.74mn.
The Company also aims to improve Dahab Resort Hotel at an estimated cost of almost USD 5.34mn and the Elephantine Hotel at USD 24.7mn.
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