Upcoming Crowne Plazza hotel in Ethiopia receives US$ 10m loan from IFC

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Ethiopia’s hospitality industry is set for a major shift with the introduction of a new Crowne Plazza Hotel. The hotel is part of the Intercontinental Hotels. An agreement worth US$ 10m is to be signed by the International Finance Corporation, Intercontinental Hotels Group and the Tsemex Hotels & Business Plc.

An agreement between IHG and Tsemex Hotels & Business PLC had earlier on been signed this year for construction of the new Crowne Plazza hotel in Addis Ababa as part of IHG’s extension plans into Africa. The hotel will have 210 rooms and is located near the African Union headquarters, African Union Convention Centre, the headquarters to the United Nations Economic Commission for Africa and the United Nations Convention Centre.

The loan of US$ 10m provided by IFC will be used for completion of the hotel, which is to be built in Lideta District at a total cost of US$ 37m. Upon completion, the new Crowne Plazza hotel will have a range of facilities such as a boardroom, seven large conference rooms and a ballroom for larger events. It will also have a business centre to cater for the needs of guests who are in need of business facilities on the go.

The Managing Director of Tsemex Hotels, Mr. Rezene Ayelew indicated that the hotel is their first venture into the hospitality industry. The move was directed by the insufficient supply of catering services for business travelers. They welcomed the partnership with IHG due to their track record and their presence worldwide.

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