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Sawiris Sees First-Quarter Fall in Hotel Sales, Le Temps Reports

Orascom Development Holding AG’s hotels in Egypt may see a 25 percent decline in first-quarter revenue in a worst case scenario as a result of unrest in the country, Chief Executive Officer Samih Sawiris told Le Temps.

Sawiris said the unrest would have an only limited effect on Orascom’s property business in Egypt and none on its investment in Switzerland, including the resort development in Andermatt, the newspaper reported.

To contact the reporter on this story: Warren Giles in Geneva at wgiles@bloomberg.net.

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net.

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