Meikles Hotel has been sold to Dubai’s Albwardy Investments for US$20 million. The new owners take control on March 1.
The five-star hotel which has 312 rooms in 2 luxurious multi-storey wings is located in the central business district of Harare, Zimbabwe.
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The Dubai based, Albwardy Investments which operates hotel brands such as the Hyatt and Four Seasons will take over both the hotel premise and management through its special purpose vehicle Choicebrands which is incorporated in Zimbabwe.
The Competition and Tariff Commission (CTC) approved the sale of Zimbabwe’s renowned five-star hotel, Meikles Hotel in June last year saying that the merger will not lead to the acquisition of market power and the removal of an efficient competitor.