His Excellency, the Egyptian Prime Minister, Dr. Ahmed Nazif and His Excellency Dr. Mahmoud Mohi El Din, the Egyptian Minister of Investment, today witnessed the signing of a Letter of Intent between Misr Hotels, a subsidiary of The Holding Company for Tourism, Hotels and Cinema, chaired by Mr. Aly Abdel Aziz, and Simon F. Cooper, president and chief operating officer, The Ritz-Carlton Hotel Company, L.L.C., to convert The Nile Hilton to The Nile Ritz-Carlton, Cairo.

Misr Hotels carefully considered offers from many global management companies proposing to add this hotel to their collection of luxury properties. Under the Letter of Intent, the property would be renovated and The Ritz-Carlton, a company with a reputation for service excellence and award-winning corporate culture, would manage the property upon entering into an agreement.

"We are honored to have been selected by Misr Hotels to assume management of this iconic property. Our plans for The Nile Ritz-Carlton, Cairo are extensive, and will include conversion to restore the hotel to its status as the leading property in the region," commented Simon F. Cooper, president and chief operating officer of The Ritz-Carlton Hotel Company.

"We also continue to explore other opportunities and destinations in the country. With the growth in tourism, the increasing strength of the Egyptian economy, the continued development of the infrastructure required, and the investment support from within the Egyptian tourism and hospitality sector, we see expansion within Egypt to be an important future strategy," Cooper continued.

The Ritz-Carlton Hotel Company is present in 70 gateway cities and exclusive destinations. Its reputation for exceptional customer quality has been recognized throughout the world with coveted awards marking their leadership in the luxury hospitality field. It enjoys a significant presence in the region with five outstanding hotels and resorts in Bahrain, Egypt, United Arab Emirates, and Qatar. Recently announced future properties include Abu Dhabi and Dubai International Financial Center.

The Ritz-Carlton Hotel Company and Misr Hotels Company will commence a complete restoration and renovation of the half-century old property. The aim is to transform a venerable hotel into a modern benchmark for contemporary luxury hospitality, while preserving its iconic heritage.