The National Company for Housing for Professional Syndicates (NHPS) has approved on December 26 an offer submitted by IMEX International to the National Bank of Egypt (NBE) to purchase Le Méridien Heliopolis, Invest-Gate reports.

The offer, which was passed during the NHPS’ extraordinary general meeting (EGM), is worth EGP 605 mn, 50% of which will be paid during the initial contract signing, while the remainder would be paid over five years, with a 13.5% declining annual interest rate, according to the company’s recent bourse filing.

In 2017, the EGX-listed company halted the selling of Le Méridien Heliopolis and canceled the relevant auction for unspecified reasons.

The hotel offers five-star accommodation through spacious hotel rooms or suites, which feature amenities such as complimentary high-speed Wi-Fi access, plush bedding, a sleek marble bathroom, and an ergonomic, well-lit work area, while boasting almost 12,000 square feet of flexible event space. It also comprises an easily accessible location in Cairo, close to the Egyptian Museum as well as top-quality shopping and cultural attractions in Heliopolis, east Cairo.