Access Resorts reached an agreement with Metal and Engineering Corporation for the sale of Imperial Hotel, Ethiopia. The 
agreement is estimated to be worth 60 million birr.
The move to sale the property has followed a liquidity crunch faced by Access following a decision by the National Bank of Ethiopia that prohibits Access from borrowing from Zemen Bank with which it is closely affiliated according to some industry observers.
The central bank made its decision on the basis of an audit report that alleged there had existed improper relationship between Zemen and Access while the bank was being established.Ermias Amelga, Chairman of Access declined to comment on why the decision to sell the property was reached.
It is to be remembered that the Common Market for Eastern and Southern Africa Bank (PTA Bank) approved the 6 million US dollar loan requested by Access Resort, for the renovation and upgrade work it expects to carry out on the former Imperial hotel.
The central bank had also 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.
The management of Access however declined the loan when it made the decision to sale the property.
It is expected that 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
