Dubai-based Albwardy Investments has said that it is buying Zimbabwe's Meikles Hotel for $20 million and that it will upgrade what is one of the southern African nation's most well-known establishments.
Over the past years, the current owner, Meikles Limited, has struggled with low occupancy levels and has lacked foreign exchange to refurbish the property in Harare.
Albwardy said that the investment has been approved by Zimbabwe's stock exchange and competition commission, while the shareholders will vote on the transaction next month.
"A Unique Opportunity"
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"The Meikles Hotel provides a unique opportunity to invest in Zimbabwe's leisure and business markets as a first mover," Albwardy director of hospitality Laurie Ward said in a statement.
Albwardy is expected to spend up to $30 million in upgrading the hotel, an official from Meikles Hotel told Reuters.
The hotel, which was established in 1915, has 312 rooms.
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