An international conference will be held Tuesday in Alexandria's most unusual luxurious hotel "Al Salamlek" to announce plans for its renovation.

Al Salamlek Palace, built in the late 19th century by Khedive Abbas Helmy II, has been listed recently as historic site by the Antiquities Ministry.

The Palace will be fully renovated at a cost of EGP 120 million, while retaining its historic architecture.

A real estate investment company won a 10-year usufruct contract for the hotel at an international tender, under which it will pay EGP 12 million yearly with an annual 10% increase to use it as an international hotel.