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21 April, 2008
THE LOOK OF THINGS TO COME AT THE GHION: This architectural design illustrates the desire by a consortium of prospective investors from Nigeria and Dubai on how they would transform Ghion Hotel in Addis Abeba, should the government give them a joint venture opportunity. For a share that may go as high as 70pc, they are willing to invest 200 million dollars in refurbishing the look of the Ghion Hotel.
The whole development, christened as Imperial Hill, will comprise a five-star hotel incorporating 250 rooms, a 2,000-seat convention centre, a new Ethiopian restaurant, health and spa centre, 230-room apartments, and a mall with cinema inside, according to Constantinos Berhe (PhD), the group’s local partner.
Officials at the Ethiopian Privatization and Public Enterprises Agency (EPPEA) confirmed to Fortune the interest the group has shown in acquiring the property, a.k.a. the Garden Palace Hotel of East Africa. Ghion Hotels Enterprise was established in 1951 to operate a chain of 11 hotels, all found in the historic route in the north. The group that has developed this architectural work is only interested in its main property in Addis Abeba.
With assets lose to 30 million Br registered in 2004, Ghion Hotels Enterprise is profitable, despite operating old hotels with rundown facilities in many of its properties, including its largest asset in Addis Abeba. It had a profit after tax of 10.6 million Br in 2004, which was little changed from the previous year.
Constantinos told Fortune the investors from Dubai and Nigeria will arrive here today, for a scheduled meeting with Girma Birru, minister of Trade and Industry, also chairman of EPPEA, on Monday, April 14.
