The bid tendered by the Ethiopian Privatization and Public Enterprises Supervising Agency for Ghion Hotel is expected to attract many investors.
The bid for Ghion will open on August 9th 2012 according to Wendafrash Assefa, Head of Public Relations with the EPPESA.
The auction to privatize the hotel has attracted several investors and more are expected until the final day of the bid said Wendafrash.
The current bid is arranged differently from the previous PPESA privatization process for the hotel in that it is no longer a partial share arrangement with the government retaining a share. The hotel is open to full acquisition this time which is why more investors are showing an interest according to a representative of one of the companies expected to take part in the bid.It is to be remembered that in February PPESA had invited investors to expand, develop and upgrade Ghion Hotel setting April 2nd as the deadline for receiving Expressions of Interest including price and designs for proposed expansions.
The agency, however did not receive any offers by the deadline leading to the decision to privatize the company completely to the highest bidder according to an agency official. The agency has re evaluated the minimum price set for the bid in line with its plans to fully privatize the hotel.
Ghion Hotel was established in 1951 and grew to a chain of eleven hotels in the North of Ethiopia.
Source: Capital
