Stanly for Investment and Real State Development has won a 10-year usufruct for the 19th century Salamlek royal palace after a tender held by the Ministry of Tourism ended Monday.
Stanly, in association with San Giovanni Group, won the LE12.200.000 deal after competition with real estate developers Nile Shadow and Landmark.
The 19th century architectural masterpiece was established by Dimitri Fabricius, Khedive Abbas Helmy’s chief architect. The palace used to witness meetings by late King Farouk and his ministers and guests, turning later to a summer resort for the royal family and a residence for a number of visiting world leaders. The Ministry of Tourism was handed the palace following the 1952 revolution that ousted Farouk and established the republic.
The ministry had conditioned that applicants for the bid enjoy expertise in managing five star hotels.
Edited translation from Al-Masry Al-Youm
