Cairo – Mubasher: Orascom Development Holding announced signing a three-year agreement through its subsidiaries with FTI Group to lease three of its hotels in Makadi, according to a bourse filing.
The three hotels are Royal Azur (491 rooms), Club Azur (339 rooms), and Makadi Gardens (281 rooms), the bourse filing indicated, revealing that they will be leased for a total amount of EUR 3.3 million increasable by 5% every year.
This agreement is effective as of the first of November 2016, while equal payments are to be made quarterly.
