Since hotelier Tobias Zurbriggen can remember, the business of running Saas-Fee has been a local affair. Now, the Swiss ski resort neighboring the Matterhorn is feeling the heat from a New York-based financier.
Orascom Development Holding AG’s hotels in Egypt may see a 25 percent decline in first-quarter revenue in a worst case scenario as a result of unrest in the country, Chief Executive Officer Samih Sawiris told Le Temps .
Orascom Development Holding AG, the hotel and construction company controlled by Egyptian businessman Samih Sawiris, fell the most in more than two months after saying its first-half loss may more than double.
Orascom Development Holding AG, the hotel and construction company, will get a direct loan of 75 million Swiss francs ($83 million) from company chairman and majority owner Samih Sawiris to help fund construction projects this year.
Orascom Development Holding AG, a resort company run by billionaire Samih Sawiris, called off its planned share sale that could have raised about 150.2 million Swiss francs ($140 million), after observing “irregular trading activities” in its stock.