A firm from Dubai Albwardy investments has acknowledged its intention to buy local hotel Meikles. The company confirmed that it has already set in motion the process of buying the five star hotel for a whooping US 20 million. The company is willing to fork out a further US 30 million to refurbish the hotel.
The owners of Meikles hotel have been struggling with low occupancy levels (Meikles limited). With little foreign exchange they have been battling to refurbish the mega hotel that is located in the Harare CBD area.
Albwardy confirmed that investment has already been approved by the Zimbabwean Stock exchange and the competition commission. The deal has come as sweet music to the ears of local . Such investment initiatives are indeed a welcome relief as they will not only improve service delivery in the country but create jobs as well.
Dubai is known for its high rising buildings and state of the art achirtecture such as the Burj Khalifa. Most people are optimistic that a new and revamped Meikles hotel will attract more clientele.