Meikles group has advised that it will soon seek the approval of shareholders in a bid to auction Meikles hotel to Alwardy.
The group confirmed a month ago, reports of the deal in a cautionary statement as well as in its annual results.
The five-star hotel which has 312 rooms in 2 luxurious multi-storey wings is located in the central business district of Harare, Zimbabwe.
The deal is expected to fetch as high as $30 million with the hotel having been refurbished on an estimated $9 million in 2013.
The Dubai based, Albwardy Investments will take over both the hotel premise and management through its special purpose vehicle Choicebrands which is incorporated in Zimbabwe.
More: Equity Axis
Back to top