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Remco of Egypt to Sell Hotel to Fund Projects, Alam Reports

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Dec. 2 (Bloomberg) -- Remco for Touristic Villages Construction plans to sell its Grand Hotel property to Incolease to help fund new projects, Al Alam Al Youm reported, citing President Ayoub Adly Ayoub.

Remco will lease back the hotel, the Cairo-based business newspaper quoted Ayoub as saying. The company is negotiating the purchase of a land plot for a residential and touristic project, he said in the report.

To contact the reporter on this story: Alaa Shahine in Cairo at asalha@bloomberg.net.

To contact the editor responsible for this story: Peter Hirschberg at phirschberg@bloomberg.net.

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