Marriott, Sunshine ink hotel management deal
Dashen Bank approves loan for the projects
Addis Ababa, Ethiopia – Marriott International and Sunshine Construction on Thursday announced a deal that will inject one billion birr into the Ethiopian economy over five years.
Under the agreement, Marriott International will manage two properties currently being built by Sunshine Construction – a Marriott Executive Apartments for extended stay travellers and a quality tier courtyard by Marriott branded hotel. Both will be located in Addis Ababa and are scheduled to open in 2013 and 2015, respectively.
Marriott said the agreement marks its first foray into Ethiopia adding that its decision to enter Ethiopia shows its confidence in the market.
Speaking at the Wold Economic Forum conference held this week in Addis Ababa, Alex Kyriakidis, President and Managing Director of Marriott International Middle East and Africa, said that there is a direct correlation between a countryÃ¢â‚¬â„¢s ability to grow and the entrance of hotel providers into the market.
Ã¢â‚¬Å“Hotels bring new untapped revenue into the market by boosting tourism and numbers and dollars, building infrastructure and creating jobs, which all resonate throughout the economy as a whole.Ã¢â‚¬Â
Samuel Taffesse, the owner and CEO of Sunshine Construction, said that more than 600 jobs will be created upon the completion of the projects.Ã‚Â Samuel said that Sunshine secured a loan for the projects from Dashen Bank.TadelechDalecho, minister of Culture and Tourism, told The Reporter that the agreement signed between the two companies was a break through. Ã¢â‚¬Å“Other renowned hotel management companies have asked us for similar partnership agreements and more would join the Ethiopian market. This shows that there is a conducive investment environment,Ã¢â‚¬Â the minister said.
Source: Ethiopian Reporter