DUBAI based Albwardy Investments will assume control of Meikles Hotel by the first of next month following regulatory approval for the sale of the country’s oldest hospitality institution.
A landmark deal that will see the Moxon family through the Zimbabwe Stock Exchange-listed entity Meikles limited eventually ending their ownership and control of Meikles hotel by the 29th of this month has been finalised.
The move will now pave way for a Dubai based group, Albwardy investments to own the hotel after getting all relevant regulatory approvals.
A circular to shareholders for the entity released this Wednesday showed that the transaction worth 20 million united states dollars has been finalised.
According to the circular, the new company is expected to take over hotel assets and employees.
Meikles Hotel is an iconic feature in Harare, which has gracefully evolved from the colonial era into modern-day Zimbabwe.
Investments by the Dubai based firm are being made at a time government is calling on the hotel industry to focus on new projects to solve a projected 2 000 rooms deficit by end of this year.