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Marriott International And Sunshine Construction Agreement Set To Resonate Through Local Economy
Marriott International, Inc. (NYSE:MAR) and Ethiopian developer Sunshine Construction have announced a deal that will inject ETB 1 billion into the local economy over five years.

Under the agreement, Marriott International will manage two properties currently being built by Sunshine Construction – a Marriott Executive Apartments for extended stay travellers and a quality tier Courtyard by Marriott branded hotel. Both will be located in Addis Ababa and are scheduled to open in 2014 and 2015 respectively.

This marks Marriott International’s first foray into the country and is a sign of the company’s confidence in the market.

Speaking at the World Economic Forum (WEF) currently taking place in Addis Ababa, Alex Kyriakidis, President and Managing Director of Marriott International Middle East and Africa, said that there is a direct correlation between a country’s ability to grow and the entrance of hotel providers into the market. “Hotels bring new untapped revenue into the market by boosting tourism numbers and dollars, building infrastructure and creating jobs, which all resonate throughout the economy as a whole.”

Marriott International has projected that by 2018, the new Courtyard by Marriott branded hotel’s total revenue will be ETB 242 million (US$ 13 million) per year – equating to ETB 1 billion (US$ 65million) injected into the economy over five years from only one 209- room hotel.

“The fundamental demand generators that drive our industry are alive and well in this country,” Kyriakidis said. “Marriott International’s investment into this region represents the economic realisation for the need for hotels – countries need to invest in infrastructure, accommodation and airports to create jobs to grow the economy.

“By taking on these two properties Marriott International is demonstrating its confidence in the market – that it will grow and that the economy will move forward at a staggering pace.”

As Africa's second most populous country, Ethiopia has 85 million inhabitants and a population forecast to grow at over 2% per year to 95 million by 2015. This is matched by a fast growing economy due to improved agricultural performance. Investments into infrastructure, aimed at increasing tourism numbers that have been hindered in the past by limited hotel capacity, are a featured component of the government’s poverty reduction strategy paper.

Travel and tourism currently contribute US$2.8bn, around 10%, to the annual GDP and this is predicted to rise by 5.4 percent.

“A lack of quality supply of hotel rooms in the market combined with growing airline numbers, a rising economy and a growing urban population give us strong confidence in this city and market,” Kyriakidis said.

In tangible terms, these two hotels will create 208 local jobs over the next five years. Marriott International has a full training programme and is dedicated to up-skilling and hiring the local population to run its properties. Recruits will be trained and immersed in Marriott International’s culture through a partnership with a local training provider that is yet to be named – similar to the Akilah Women’s Institute programme that is currently underway in Kigali, Rwanda, where Marriott International will open a new hotel in 2013.

Through the appropriate training institute, local residents will learn what it means to be part of Marriott International, with training beginning one year prior to the opening of the hotel and ongoing throughout their career.

“These aren’t just jobs Marriott International is creating, these are real career opportunities with real potential for growth,” Kyriakidis said. “Creating these ongoing opportunities and investing in the development of local people on the ground, who will not only learn transferable skills, but in turn pass on that knowledge, will strengthen the Middle Class in this region. The fact that they do this while earning a salary is what will support the growing economy and encourage further growth.”


http://news.marriott.com/2012/05/marriott-international-and-sunshine-construction-agreement-set-to-resonate-through-local-economy.html
 

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Hopefully theese buildings will not look like Sunshine Construction's previous projects in Addis. But I'm pretty sure they wont when there are foreigners involved the projects use to be greate!
 

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What is happening there? Will it really open in 2014 as planned?
Marriot’s Excutive Hotel Opened in Addis Ababa

Published: Sep 30, 2015
After 45.5 million dollars investment, protracted franchise negotiations, complete remodeling and long delays, Sunshine Investment Group will open Marriott Executive Hotel in Addis Abeba the weekly English Newspaper Addis Fortune reported. Sunshine expects the new Marriott Executive Apartments will generate between 600,000 and a million dollars a month, the Group’s president Samuel Tafese told Fortune.
Read More Here

Samuel Tafese, Owner/president of Sunshine Investment Group stands adjacent Marriott Executive Apartment Addis Abeba


in other news

Africa’s first Marriott Executive Apartments in Addis



Marriott International, in partnership with Sunshine Business Plc today inaugurated Africa’s first Marriott Executive Apartments in Addis Abeba, Ethiopia.

The Marriott Executive Apartments Addis Abeba will appeal to both business and family travelers with 108 fully serviced Apartments offering space, ambience and the privacy of residential living enabling a comfortable stay away from home.

“This is the latest in a series of important landmark hotel signings and openings we have made in Africa.” said Alex Kyriakides, president and managing director of Marriott International for Middle East and Africa.

Selamawit Samuel, Sunshine Business Owner & Executive Vice President said that they are very excited to be partnering with Marriott International to successfully open the properties in Africa.

Solomon Taddesse, CEO of Ethiopian Tourism Organization said the government has prioritized the tourism sector and encourages global brands to invest in and also partner with Ethiopian firms.

President Mulatu Teshome cut the ribbon, officially inaugurating Marriott Executive Apartments Addis Abeba.

The Marriott Executive Apartments Addis Abeba will provide residents with a choice of one and two-bedroom elegantly furnished serviced Apartments, or the Penthouse Presidential Suite, each with a fully-equipped kitchen, free Wi-Fi, satellite TV, and includes services such as housekeeping, grocery shopping and room service.

For business travelers, the property provides multi function meeting rooms and over 160 square meters of event space.
 

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Sunshine & Hilton Worldwide Sign Agreement for Hilton Hawassa Resort & Spa




Sunshine & Hilton Worldwide Announce Agreement for Hilton Hawassa Resort & Spa

Sunshine Business Plc., sister company of Sunshine Investment Group, and Hilton Worldwide today signed a management agreement for the upscale Hilton Hawassa Resort & Spa, which is expected to begin welcoming guests in 2020.
“With a strong legacy of hospitality in Ethiopia, Hilton Hawassa Resort & Spa will join Hilton Addis Abeba in offering world-renowned service, in this rapidly evolving part of the country,” said Patrick Fitzgibbon, senior vice president of development, Europe & Africa for Hilton Worldwide. “With a further 55 million dollars government funding committed to delivering an airport fro Hawassa by 2018, the future is bright for travellers to southern Ethiopia. We are delighted to be making this announcement here where we are also celebrating the milestone of 20,000 Hilton rooms open or under development across Africa,” he added.
Samuel Tafese, President of Sunshine Investment Group on the occasion expressed his delight to have finalized the agreement with Hilton Worldwide. He added Sunshine Business would exert efforts to make the lakeside town of Hawassa a major tourist destination.
42 million dollars will be spent on the Hilton Hawassa Resort & Spa, which rests on 30,000 sqm, with construction expected to begin later this year. Located on the banks of Lake Hawassa, the property will feature 169 guest rooms and villas, with an outdoor swimming pool and spa complex acting as its centerpiece.
In addition to four dining options, including a special restaurant and pool bar & grill; the property will feature extensive meetings and events space, with more than 1000 sqm of ballroom and pre-function area, as well as a further six meeting rooms.
Hilton Hawassa Resort & Spa will join a portfolio of more than 70 Hilton Worldwide properties either trading or under development in Africa.

fortune news
 

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^^ I wish they would release the design. This is the only thing I could find.

http://ftnnews.com/accommodation/28...a-with-hilton-awassa-resort-spa-ethiopia.html


Hilton Worldwide today announced the signing of a management agreement with Sunshine Business PLC for the upscale Hilton Awassa Resort & Spa, Ethiopia. “With a strong legacy of hospitality in Ethiopia, Hilton Awassa Resort & Spa will join Hilton Addis Ababa in offering world-renowned service, in this rapidly evolving part of the country,” said Patrick Fitzgibbon, senior vice president of development, Europe & Africa for Hilton Worldwide.

“With a further $55million of government funding committed to delivering an airport for Awassa by 2018, the future is bright for travelers to southern Ethiopia. We are delighted to be making this announcement here at AHIF where we are also celebrating the milestone of 20,000 Hilton rooms open or under development across Africa.”

In partnership with Sunshine Business PLC, up to $42million will be invested in developing the 30,000 square metre Hilton Awassa Resort & Spa, with construction expected to begin later this year and the hotel is expected to begin welcoming guests in 2020.

In partnership with Sunshine Business PLC, up to $42million will be invested in developing the 30,000 square metre Hilton Awassa Resort & Spa, with construction expected to begin later this year. Located on the banks of Lake Awassa, in the Great Rift Valley and stretching beyond Amora Gedel National Park, the property will feature 169 guest rooms and villas, with an outdoor swimming pool and spa complex acting as its centerpiece.

In addition to four dining options, including a specialty restaurant and pool bar & grill; the property will feature extensive meetings and events space, with more than 1,000 square metres of ballroom and pre-function area, as well as a further six meeting rooms.
 
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I am always impressed by Ato. Samuel Tafesse. This is a guy when asked by a reporter "If he has any regrets in life?" He simply replied "I don't believe in regrets!". 30 years ago he was a humble አናጤ (contractor) with a capitalistic mind. For those wondering, he is now the billionaire, not birr but dollar billionaire, who owns and operate Sunshine construction.

In just one week, he finalized a deal with Hilton for $42 million (we all know the cost is nowhere near that high) and completed Marriott. I say bravo and well played Sir!
 

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I am always impressed by Ato. Samuel Tafesse. This is a guy when asked by a reporter "If he has any regrets in life?" He simply replied "I don't believe in regrets!". 30 years ago he was a humble አናጤ (contractor) with a capitalistic mind. For those wondering, he is now the billionaire, not birr but dollar billionaire, who owns and operate Sunshine construction.

In just one week, he finalized a deal with Hilton for $42 million (we all know the cost is nowhere near that high) and completed Marriott. I say bravo and well played Sir!
Where did you get the dollar billionaire info?? This guys business is part owned by EFFORT.
 

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Where did you get the dollar billionaire info?? This guys business is part owned by EFFORT.
where did you hear that ? its first time am hearing this. i know he was jailed for small period of time, but not that he was partnering with EFFORT. He is not even ethnic tigray.
 

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Where did you get the dollar billionaire info?? This guys business is part owned by EFFORT.
Sunshine guy is a self made millionaire from AA, who rose up from being a construction foreman. He made his first million years ago. This is first time I hear him of being affiliated with Effort - though I think he is Tigrayan. Do you know this for sure Roha?
 

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^^ Ato. Samuel Tafesse is Gurage (although ብሄረሰብ is irrelevant at this point in Ethiopia). His family has a very diverse portfolio both in Ethiopia and overseas. It is not significant to discuss net worth on this thread because private holding is always private. However, he is one of, if not the second wealthiest man in Ethiopia following Sheikh Al-amoudi regardless of his alleged connection with EFFORT.
 

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^^ Ato. Samuel Tafesse is Gurage (although ብሄረሰብ is irrelevant at this point in Ethiopia). His family has a very diverse portfolio both in Ethiopia and overseas. It is not significant to discuss net worth on this thread because private holding is always private. However, he is one of, if not the second wealthiest man in Ethiopia following Sheikh Al-amoudi regardless of his alleged connection with EFFORT.
He is well linked with the TPLFites and a couple years ago he was in big problem with illegal land grabbing and sells. If it was this much easy to make this much billions, there are many Ethiopians who have worked day and night in their life but not as successful this far. :eek:hno: If we give focus to the current wealthier people in the country are the corrupt, party affiliated ones. This originates from the EPRDF's political-economy ideology. Controlling the economy by the party and affiliates- that secures the dominancy and hegemony of the ruling party politics. So no wonder to see such corrupts :bash:
 

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He is well linked with the TPLFites and a couple years ago he was in big problem with illegal land grabbing and sells. If it was this much easy to make this much billions, there are many Ethiopians who have worked day and night in their life but not as successful this far. :eek:hno: If we give focus to the current wealthier people in the country are the corrupt, party affiliated ones. This originates from the EPRDF's political-economy ideology. Controlling the economy by the party and affiliates- that secures the dominancy and hegemony of the ruling party politics. So no wonder to see such corrupts :bash:
thats the story of all rich people everywhere. If you are going to make it BIG, you need to feed the the the power grid , thats the golden rule.
 

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Ato Samuel is not a billionaire. I think he is pretty far from being one. Let alone that, I will be surprised if his net worth is $100 million. The building of the Marriot Executive Apartments was pretty much finished 9 years ago, but it took him almost 10 years to do the finishing. This just shows the guy does not have the billion people claim he has.

Moreover, some of his ventures have completely stopped. For example, I have not heard of his business doing new housing developments since the last homes he built.
 
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