The United Arab Emirates (UAE)-based Albwardy Investments has completed the process of purchasing Meikles Hotel, which began in 2018 and will take control of the hotel and other related assets next month. This was announced by Meikles Limited in a notice to shareholders.
“The directors wish to advise stakeholders that the requisite terms for regularising the control of the Meikles Hotel to the buyer per sale and purchase agreement have been met. The buyer will take effective control of the Meikles Hotel on 1 March 2020,” read the company’s terse statement.
Albwardy Investments will own the hotel which it bought for US$20 million through a local investment vehicle, Choicebrands that it registered in 2018. The Dubai company is yet to pronounce itself on its future plans for the hotel and whether or not it will shed some workers.
The completion of the sale process means that Choicebrands will now take over the hotel land and buildings, the rights to operate the Meikles brand as well as all the employees of the hotel.
The hotel, which was opened in November 1915, is one of the premier hotel and corporate events venue in Harare.
The Albwardy Investments already has hospitality interests in Argentina, South Africa, Seychelles, Tanzania and Zanzibar.