Albwardy Investments, a Dubai-based holding company has struck a US$25 million deal with M.A Kharafi & Sons PLC. for the acquisition two hotels under construction. The partially constructed 7 and 6 floor hotels are located at the junction of Africa Avenue and Jomo Kenyatta Street, at Meskel Square.

The original plan of M.A Kharafi & Sons PLC was to build one three-star hotel, named Ibis, on the side of the Jomo Kenyata Street and another four-star, named Novotel, along Africa Avenue.

Albwardy is planning to turn the two partially completed hotels into one five-star Hyatt Hotel, Fortune reported. Albwardy Investments was advised locally by Zemedeneh Negatu, managing partner of Ernst & Young (E&Y) Ethiopia.

Established in 1976, Albwardy Investment has over 30 companies internationally, engaged in food distribution logistics, marine engineering, construction, commercial insurance, and the hospitality sector.  The company already owns a Hyatt Regency in Dar es Salaam, Tanzania, and 13 other hotels in Africa and around the world.

Source: Fortune