The Metal and Engineering Corporation concluded a deal to acquire the Ethiopian Riviera International Hotel, primarily owned
by Alem Fitsum.
The deal includes the three star hotel and a PVC and plastics manufacturing plant located behind the hotel.
The deal was struck for approximately 140 million birr with negotiation still going on and handover expected in the coming weeks according to sources. MetEc aims to utilize the hotel to house guests that will stay for more than a month saving it a lot of money according to an unofficial source with the corporation.
MetEC is a publicly owned corporation established in 2010 incorporating national metal industries including seven that were operated by the military. The corporation consists of more than 70 civilian and military industrial subsidies and employs 12,500 domestic employs as well as engaging international consultants on larger projects.Metal Engineering is currently engaged in significant projects such as fertilizer and sugar plants, the electromechanical work on the Grand Ethiopian Renaissance Dam and other projects.
It is to be remembered that Metal and Engineering Corporation reached an agreement with Access for the sale of Imperial Hotel in February. The agreement is estimated to be worth 60 million birr.
MetEC will transform the property into a guesthouse to host its international associates and it is a yet not known whether the guesthouse will be open for general service according to an anonymous source with the corporation.
Source: Addis Fortune
