Misr Hotels Company (MHC) is currently reviewing the four bids it received for revamping its Nile Ritz Carlton Hotel and will take a decision with days, according to Fathi Nour, MHC president.
The four companies currently competing for the contract are Orascom for Construction, United Contractors, Arabia for Construction and Hassan Allam Construction.
Nour Indicated that the revamping process should last 18 months and is expected to finish by April 2013.
He added that the construction works already completed on the Nile-front landmark hotel has cost LE145 million (US$25.8 m) out of an expected total revamping cost of LE700 million.
The listed public-sector company is committed to repaying it's debts to the government, Nour announced. He explained that LE150 million (USD $25 million) have already been repaid, with the remaining LE200 million to be paid in installments.