Albwardy to take over Meikles in March
THE Dubai-based ASB Hospitality, a subsidiary of Albwardy Investment takes over Meikles Hotel on March 1, 2020 following the finalisation of sale and purchase agreements with Miekles Limited.
Thabani Mpofu, Meikles Limited company secretary, yesterday issued a statement advising the closure of the deal.
“The Directors wish to advise shareholders that the requisite terms for regularising the control of the Meikles Hotel to the Buyer per the Sale and Purchase Agreements have been met. The Buyer will take effective control of the Meikles Hotel on March 1, 2020,” he said.
This comes after they received an approval from Exchange Control Authorities to dispose of the hotel in foreign currency, thus finalising the purchase of the iconic hotel for US$20 million.
The Meikles Hotel, which is the largest five-star hotel in central Harare with 312 guest bedrooms, two restaurants and high-quality leisure facilities, was established in 1915.
Proposal to dispose the hotel emanated from the directors’ conclusion that the group had no capacity to mobilise US$30 million required for refurbishment for the hotel to retain its five-star rating and standards.
The investment, will finance its modernisation, as well as general infrastructure improvements, which will restore it to international standards.
On their part, the Meikles group expects to further strengthen the balance sheet and allow Meikles to invest in its broader business portfolio.
Albwardy Investment’s hospitality business is currently run by Laurie Ward, a Zimbabwean chartered accountant.
“The Meikles Hotel provides a unique opportunity to invest in Zimbabwe’s leisure and business markets as a first mover,” Ward recently said in a statement.