ADDIS ABABA | Grand Ghion 5 and 4 star hotel | Approved

[teklu]

The Privatization and Public Enterprises Supervising Agency (PPESA) reached a decision for a joint ownership of the 59-year old Ghion Hotel yesterday with an Ethiopian investor, Aklileberhan Mekonnen Haileselassie. The bid process, which took about two years to complete, attracted investors from Abu Dhabi, Egypt, Kuwait, Nigeria, Saudi Arabia, Israel and Germany. The Agency finally decided on a joint partnership with Aklileberhan. The takeover includes the construction of two new four-and five-star hotels on the premises of the current Ghion Hotel worth USD 510 million.

Aklileberhan will have an 80 percent stake while the remaining 20 percent (USD 100 million) will remain with the Agency. The construction of the hotel is expected to be finalized in three years and four months period. The new establishment, which will be named Grand Ghion Hotel, will feature one new four-star hotel on the site where the current swimming pool is found and will be completed within a period of a year and four months. Another five-star hotel will be constructed after the current Ghion Hotel building is demolished.

“We won the bid because of the design we presented, the amount of money we offered and our great strategy of not to fire the existing workers of the hotel,” Aklileberhan said. “Instead of firing the workers, we believe that it will be better to train them and build their capacity.”

The new design will include a helipad and presidential suites. According to Aklileberhan, they have negotiated with Intercontinental Hotels and Resorts to take over the management of the upcoming Grand Ghion Hotel. Next week the new Grand Ghion Hotel will be established and the board will commence its duties.
“In terms of design and size, the hotel will be one-of-a-kind and the best in Africa; its presidential suites can accommodate leaders of Africa for African Union summit,” the representative of the investor and chairperson of the board, Costantinos Berhe (PhD), said.

As per the request of the Agency, the investor’s financial background and capacity was attached and sent to the Agency and the Ministry of Foreign Affairs, for verification.

“My deepest desire is to support my country with the expansion of the hotel industry and other activities,” Aklileberhan said. He is also planning to build hotels in Lalibela in the Amhara Regional State and Axum in the Tigray Regional State. Building a hospital in Jimma in the Oromia Regional State is also one of the investor’s plans. Moreover, he is also planning to contribute USD 20 million for the establishment of Axum’s museum through the Ethiopian Orthodox Church and finance the construction of a new secondary school on the premises of St Trinity‘s Church.
Aklileberhan, along with his wife and children, owns twelve investment companies, two in Germany and eight in the UK. His headquarters are found in Switzerland.

Ghion Hotels Enterprise was established by the government in 1951 and used to operate a chain of 11 hotels, which were all found in north Ethiopia, except National Hotel, which was sold to the Ethiopian Athletics Federation a few months ago. Roha Hotel, one of the hotels administered by Ghion Hotel, was transferred to Ayat Real Estate S.C. after the latter won a bid. Despite operating old hotels with rundown facilities in many of its properties, including the one in Addis, the enterprise registered an after tax profit of 10.6 million birr in 2004. The hotel is well known for its tastefully furnished rooms, enchanting gardens with their exotic plants and flowers, and thermally heated bathing and swimming pools.

0wner: Privatization and Public Enterprises Supervising Agency (PPESA) 20% and Aklileberhan (dinkeneshe plc) king haile decent 80%
investement: nearly 7billion birr
A 2 4 and 5 star grand hotel = expansion of the present Ghion hotel

[Simfan34]

When was this article printed? Let me dig up the old renders.

[Simfan34]

And here they are.





GLH is the south African firm of

[mike7743]

Great! didn't know the Former King's family are into business.

[Vildana]

Where do you guys think the money came from? 500 million dollar investment, 12 investment companies ,main office in switzerland ,.....royal family ......
poor ethiopian farmers and tax payer .yetebezebeze genzeb !

[Simfan34]

Originally Posted by Vildana

Where do you guys think the money came from? 500 million dollar investment, 12 investment companies ,main office in switzerland ,.....royal family ......
poor ethiopian farmers and tax payer .yetebezebeze genzeb !

3000 years in power gives you the chance to amass a considerable fortune...

[Simfan34]

ANOTHER SF34 EXCLUSIVE
Renderings of the Hotel, Courtesy of Andrew Wood of GHM Architects.

[Yoniii]

Impressive, this project might even beat Sheraton!

[Simfan34]

It definitely will. And apparently, this will be the REAL InterContinental.

[mike7743]

Originally Posted by Vildana

Where do you guys think the money came from? 500 million dollar investment, 12 investment companies ,main office in switzerland ,.....royal family ......
poor ethiopian farmers and tax payer .yetebezebeze genzeb !

that's a bit of a hypocritical statement. Sure, the money is stolen from the people. no one is arguing that but who in power didn't steal money? including the current administration, where corruption is rampant. this goes beyond Ethiopia as well. let's not get our political beliefs and feelings get mixed up with the business side of things. at least, they're re-investing the money back into the country, which in turn will create jobs including revenue for the govt (that can be taxed and stolen). it's a vicious cycle.

[Ahadu]

Originally Posted by Vildana

Where do you guys think the money came from? 500 million dollar investment, 12 investment companies ,main office in switzerland ,.....royal family ......
poor ethiopian farmers and tax payer .yetebezebeze genzeb !

Vildana,
That's utter rubbish Ye Mender alubalta!! In the early 70s, The Royal families wrongly were accused of corruption. There was no a shred of evidence supporting embezzlement by the King or his extended families - it was fabricated by the DERGUE juntas. True, they were investing in the country massively - if that was a crime, so be it!

After it was clear how brutally the King was eliminated, millions of dollars was donated to the royal families by other European royal families as a form of compensation on companionate ground (that doesn't include a 24 -7 personal protection of course).

[Stillkicking]

Thank you Ahadu, the sad thing is that you losers slaughtered them, imprisoned them, and took everything they owned and today you the murders are still bitter about it, but they are over it. They are living and enjoying life to its fullest. Instead of improving your own life, you will go to your grave complaining about things that are utter rubbish (Love that Ahadu). Aye anichi Ethiopia keyete newe enezihin insisa sewoch yametashiw. That felt good. Insisa! Whatever happened to that Ethiopian that gave up his/her own bed and prepared his/her best meal for a stranger that came over in the middle of the night. May God forgive you.

[Ras Siyan]

Impressive project, I love it!

[lamrof]

Originally Posted by mike7743

that's a bit of a hypocritical statement. Sure, the money is stolen from the people. no one is arguing that but who in power didn't steal money? including the current administration, where corruption is rampant. this goes beyond Ethiopia as well. let's not get our political beliefs and feelings get mixed up with the business side of things. at least, they're re-investing the money back into the country, which in turn will create jobs including revenue for the govt (that can be taxed and stolen). it's a vicious cycle.

What? you took me on an emotional round robin. I started exactly where I was when I begun reading your post.

[lamrof]

Originally Posted by Stillkicking

Thank you Ahadu, the sad thing is that you losers slaughtered them, imprisoned them, and took everything they owned and today you the murders are still bitter about it, but they are over it. They are living and enjoying life to its fullest. Instead of improving your own life, you will go to your grave complaining about things that are utter rubbish (Love that Ahadu). Aye anichi Ethiopia keyete newe enezihin insisa sewoch yametashiw. That felt good. Insisa! Whatever happened to that Ethiopian that gave up his/her own bed and prepared his/her best meal for a stranger that came over in the middle of the night. May God forgive you.

Post #1 gets you an "F", who is "You" and who are you?

[mike7743]

Originally Posted by lamrof

What? you took me on an emotional round robin. I started exactly where I was when I begun reading your post.

what is so hard to comprehend? the point is, instead of crying about where the money came from how about we try to applaud the effort.

[Hersh]

Originally Posted by mike7743

what is so hard to comprehend? the point is, instead of crying about where the money came from how about we try to applaud the effort.

You seem to either be perceptively misguided or ethically naive. Its baffling enough to think that recognizing stolen money for what it is is suddenly heresy, but the notion that one should not only not criticize but should actually give praise to a personal business endeavor--as if it were some sort of a benevolent act--just boggles the mind.

Just reminds you how much people are capable of rationalizing and excusing if they are so inclined.

[mike7743]

cry me a river!

yeah, it's really productive to slander an investor instead of applauding the effort. like Ahadu pointed it out, this issue is actually debatable. but NO, let's focus on calling them names. that should help a lot. I'm glad I'm not as bright as YOU are.

[Simfan34]

Let me repeat what I said before: 3000 years in power gives you the chance to amass a considerable fortune

[enkelfam]

Great investment. This is an eye popping, mega project located @ a strategic location right next to the AU HQ's.