The Holding Company for Tourism, Hotels & Cinema is in talks with Hill International, which provides project management services, in order to resume the construction of a hotel and an administrative building in Tahrir after receiving the land back from NSGB-Accor alliance.
The Holding Company has not sign a contract yet with Hill International, as there are still talks over the establishment of the project.
National Société Générale Bank (NSGB) in cooperation with the French company Accor hotels had earlier agreed to terminate the purchase contract of 6,000 meters in Tahrir Square, based on concession rights, which has been signed in 2007 to build an international tourist hotel. The alliance said it received back all of the money deposited for the land concession rights (EGP 63 million) plus the interest.
NSGB-Accor alliance bought the land from a public auction before shifting the full-ownership contract to a 50-year term concession contract. The Holding Company for Tourism, Hotels & Cinema was assigned to build a hotel and an administrative building on the land.
