The Holding Company for Tourism and Hotels (HOTAC), a subsidiary of the Egyptian Ministry of Public Business Sector, has approved 142 million Egyptian pounds ($4.6 million) for the expansion of Romance Alexandria Hotel.

The 4-star hotel in the Mediterranean Port of Alexandria is owned by Misr Travel, which is an affiliate of HOTAC.

In a report on Thursday, the Arabic language daily Addustour said HOTAC agreed on the allocations as part of its 2023-2024 development plan.

It noted that Misr Travel targets revenues of around EGP893 million ($29 million) and net profits of EGP65 million ($2.1 million) during fiscal year 2023-2024.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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