Ghion Hotels Enterprise will again be offered for another round of sale by the Ethiopian Privatization and Public Enterprises Supervising Agency (PPESA),as previous bid failed to attract buyers.

The Privatization Agency is hopeful the bid will attract potential byers as it has adjusted the floor price of the property, previously set at USD 150 million.

Ghion Hotel is one of the oldest and biggest publicly hotels in Addis Ababa,Ethiopia. The hotel has been put for sale multiple times by the Privatization Agency, however it has failed to attract serious buyers. Even though there are occasion where local and foreign byers have succeeded to go all the way until the final stage to acquire the hotel, the deals have failed to materialize for a various reasons.

The latest bid is scheduled to take place on April 19 and bid document is now on sale at the Privatization Agency.

Ghion Hotel is know for its spacious garden. According to the government’s plan, investors interested in acquiring the hotel are required to undertake massive expansion in accord with international hotel standards.

Ghion Hotel Enterprise was established in 1951 and used to operate a chain of eleven hotels in northern Ethiopia, and the National Hotel in Addis Ababa, that was sold to the Ethiopian Athletics Federation two years ago.

Five farms under the Arsi Agricultural Development Enterprise, four farms under the Bale Agricultural Development Enterprise that includes Arba Gugu Coffee Plantation, Agricultural Mechanization Service Enterprise, Artistic Printing Press, Commercial Printing Press and Construction Works and Coffee Technology Promotion Enterprise are also put for sale by the Ethiopian Privatization and Public Enterprises Supervising Agency.

Source: Capital