Ghion Hotel, Ethiopia is up for sale after a bid to attract joint venture investors issued by the Privatization and Public Enterprises Supervisory Agency failed to attract interest.
PPESA will also be revising the estimated minimum price set for the hotel according to Wendafrash Assefa, Head of Public Relations with the agency.
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.
Source: Capital
