Misr Hotels has extended the deadline for the completion of renovations on the Safir Dahab Hotel to the end of January 2021.
The hotel, which is located on the Red Sea coast in Sinai, is currently under development and modernisation, with an additional 159 rooms set to be added.
The company projects that the occupancy rates following the hotel’s opening will reach 45% during the third quarter (Q3) of fiscal year (FY) 2020/21.
Following its reopening, Misr Hotels is expecting to recoup the redevelopment investments it has made in the Safir Dahab Hotel. It aims to achieve estimated profits of about EGP 2m during Q1 of FY 2020/21, that will rise to EGP 4.7m in Q4 of the same fiscal year.