TUI flying to Luxor

[Teddyboy]

I believe that EGOTH are selling stakes (only!) in their hotels. Among the buyers I've heard mentioned are the Emirates.

[A-Four]

An interesting bit of news this week regarding hotels. The Egyptian government under an agreement with the I.M.F., was that many state owned assets had to be sold off. This week several major government owned hotels were sold off including the Winter Palace in Luxor.

As I wrote above, under the I.M.F. agreement with the Egyptian government, 30+ state owned companies must be sold off, of which Egyptian General Company for Tourism and Hotels (EGOTH) is one of them. There are seven hotels in total which includes the Winter Palace Hotel in Luxor and the Old Cataract Hotel in Asswan, the remainder I believe are in the north of the country.

They are being sold to the Arab Company for Tourism and Hotel Investments (ICON),however, looking further into this 'purchase', the Talaat Moustafa Group (a real estate development company) owns over 80% of ICON's shares.

So, the question is, Who will be the 'new' owners ?

[Major Thom]

Probably the Russians at a knock down rate in return for aid.

[denisegr]

We have just recently booked flights only for next April Manchester to luxor, so looking forward not having to go to hurghada and transfer, its like the old days