The Common Market for Eastern and Southern Africa Bank (PTA Bank) approved the 6 million US dollar loan requested by Access Resorts, Ethiopia. The National Bank of Ethiopia has also approved the loan according to sources. 
Access requested the loan for the renovation and upgrade work it expects to carry out on the former Imperial hotel.
The central bank approved the loan because Access was able to prove that it can pay back the loan in foreign exchange noted Alemayhu Kebede, Director of Change Management and Communications at NBE.
Access Resorts acquired Imperial Hotel in December of 2010 from the family of Asfaw Tefera, who built and operated the hotel over a fifteen year period.It is estimated that the hotel could have exchanged hands for 60 million birr although the actual sum was undisclosed.
Access plans to transform the 63 room Imperial hotel to a 45 room three star resort under the Access Resorts brand. The renovations will also include an indoor swimming pool an amenity that the Imperial hotel currently lacks.
Access also plans to incorporate time share arrangements targeting Ethiopians living abroad, a competitive edge in the face of international brands entering the local market according to sources.
It is expected that the project to renovate the former Imperial hotel will cost close to 4 million US dollars as per estimates projected by Lebanese experts who surveyed the hotel following its acquisition by access.
Source: Addis Fortune
