Midroc Investment Group has acquired the historic Wabe Shebelle Hotel in a significant move for Ethiopia's business and investment landscape. The ownership transfer marks a new chapter in the hotel's long journey.
The Wabe Shebelle Hotel was constructed in the 1950s under the auspices of Emperor Haile Selassie to generate income for his children. It was nationalized during the Derg regime and returned to the imperial family in the early 2000s. Spanning 40,000 square meters, the hotel has now entered a new chapter following its transfer to the Midroc Investment Group. The ownership deal was formalized on Tir 13, 2018 E.C., through a memorandum of understanding signed between Jemal Ahmed, Midroc's chief executive, and Lt. Gen. Mikael Haile Selassie, the hotel's board secretary. Midroc has committed to preserving the hotel's historical facade while infusing it with modern upgrades. It will undergo renovation to meet Marriott International's 'Autograph Collection' standards and reopen at a high level of excellence. This move aligns with Midroc's ambition to position the hotel to attract international guests. The agreement was concluded as Ethiopia prepares to host the 32nd summit of the Common Market for Eastern and Southern Africa on aviation property changes (COP32). This acquisition underscores ongoing transformations in Ethiopia's hospitality sector, blending heritage with contemporary investment.
