Business
MIDROC Breaks Ground on a Second Sheraton-Branded Hotel
Addis Fortune · 3 hours ago · Read the Full Story on Addis Fortune
AI SUMMARY
MIDROC Investment Group has begun constructing a second Sheraton-branded hotel in Addis Abeba as part of preparations for COP32.
- MIDROC Investment Group is accelerating hotel investments ahead of Ethiopia hosting COP32 in 2027.
- Construction has started on a second Sheraton-branded hotel inside the Sheraton Addis compound.
- DEZACON Construction is building the new hotel designed by ZIAS Architecture & Engineering Plc, with ORC & SHC as consultant and ELIMI handling the renovation contract for the existing property.
- Addis Ababa expects over 80,000 international guests for the summit, but current hotel capacity stands at approximately 25,000 rooms.
- MIDROC's projects in the capital and regional cities aim to provide about 1,500 beds for conference visitors.
- According to Alemstehay Paulos, former chief of the Prime Minister’s Office, hotel projects must be completed and meet international standards within 18 months.
- The International Finance Corporation has proposed financing of up to 80 million dollars to MIDROC Ethiopia Plc for the Sheraton Addis modernization and the new hotel, against an estimated cost of up to 116 million dollars.
- MIDROC's broader pipeline includes a Moxy by Marriott, a Four Points by Sheraton, the Westin Addis, and the acquisition of the Wabe Shebelle Hotel for rebranding under Marriott's Autograph Collection.
- Four Points by Sheraton hotels are also under construction in Jimma and Hawassa, with work planned in Bahir Dar and the redevelopment of Savanna Beach Resort in Langano.
- The Ethiopian Investment Holdings is developing 36 projects, including 16 active ones with four in hospitality, such as a 250 million-dollar joint-venture hotel project.
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