ECONOMY NEWS ETHIOPIA 08 May 2015
Mamo Kacha, a family-run and owned business after the tycoon Mamo Yenberberu, is planning to construct two hotels rated 4.5 to five stars in Ethiopia in collaboration with UK based Collier International. The first hotel construction project is expected to be completed in 2018.
Managing director of Mamo Kacha, Yenberberu Mamo (Abbey), has said the first hotel will be located near the African Union headquarters in Addis Ababa. It will be constructed on a 2,300 square meters of land.
Abbey said that the project is at the feasibility study stage expected within a couple of months. In addition, architectural designs and necessary details were being worked on by a UK-based firm. While he did not disclose the financial details of the hotel construction project, he said the company was willing to invest money required since hospitality industry was growing.
The second hotel project will be a boutique hotel at Yeka sub city. While the first hotel will be owned by Mamo Kacha company, the second hotel might be run by Hilton Worldwide or Sheraton Group brands according to Abbey.
Mamo Kacha family has invested in businesses across Ethiopia and US. Abbey’s brother Eyo (Joe) Mamo is said to control 42 percent of Washington DC’s gas stations.
In addition to this hotel construction project, Ethiopia hotel industry was also expecting introduction of a Crowne Plazza Hotel as part of the Intercontinental Hotels, following announcement that a US$ 10m deal would be signed by the International Finance Corporation, Intercontinental Hotels Group and the Tsemex Hotels & Business Plc. A management agreement had been entered towards the same, with Tsemex Hotels and Business Plc.