ethiopiantimes

February 15, 2012

Ghion Hotel, Ethiopia Up for Privatization Again Ghion Hotel, Ethiopia Up for Privatization Again

Filed under: Ethiopia — ethiopiantimes @ 11:43 am
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The Privatization and Public Enterprises Supervisory Agency of Ethiopia is re-inviting interested parties to invest in the hotel after a previous deal with Prince Aklile Berhan Mekonnen fell through.

The privatization agency is interested in a joint venture with private investment for the expansion and upgrade of the hotel according to sources.

Interested parties, individuals or consortium’s, can submit proposals including the price offer and design for expansion before the 2nd of April according to the bid invitation released by PPESA.

The Ghion hotel has been up for joint investment with the government for some years but the deals that have been arranged failed a couple of times.The last arrangement with Prince Akilie had outlined an initial investment of 210 million US dollars as a down payment, and a total of 310 million US dollars, which he failed to deliver by the deadline established by the deal.

The Prince would have owned 80% of the hotel for an additional 300 million paid out over three years if the deal had gone through.

It is to be remembered that PPESA privatized the Ethiopia and Ras Hotels with a chains of hotels across the country in the past three years.

PPESA has currently invited investors to set up a National Nucleus Project for a Rubber Plantation and Processing Plant. The agency plans to operate the rubber plantation project in collaboration with interested investors.

Source: Capital

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