The Egyptian Media Production City (EMPC) has decided to sell Movenpick Hotel. It commissioned a consulting firm to promote the sale and distribute the tender document among a number of senior Egyptian and Arab investors. Such a step was seen as a move to cut expenditures due to ramifications of the global financial crisis. The EMPC administration had earlier made a decision to lease Magic Land for 25 years under the BOT system. Speaking of condition of anonymity, a source told Al-Masry Al-Youm that the price of Movenpick will be announced in the media after holding a public auction. The EMPC administration may cancel the idea of the auction if it received a LE1.2-billion offer. Sayed Helmi, head of the EMPC, confirmed the EMPC intention to sell the hotel, adding: "For a long time we have been making studies necessary to complete the sale at the appropriate time in order to provide quick liquidity and maximize returns in a way matching with the EMPC investments. We have already agreed with the company, which have the right to run the hotel, to complete the final sale.
