Zimbabwe’s world acclaimed five-star hotel, Meikles Hotel, is set to change hands after the Competition and Tariff Commission (CTC) approved its sale to Dubai billionaire Ali Albwardy in a deal believed to be worth about US$20 million.
The deal might, however, still have to go through other regulatory approvals such as the Zimbabwe Stock Exchange, the Securities and Exchange Commission of Zimbabwe, and the Reserve Bank of Zimbabwe.
It will also have to get shareholder approval.
For the past few months, Meikles Limited has been running a cautionary statement advising shareholders of the impending deal.
“Further to the cautionary statement published in the Press on February 22, 2019 and subsequent updates on March 20, 2019; April 12, 2019 and May 2, 2019, the directors of Meikles Limited wish to advise shareholders that discussion to sell certain of its hospitality assets are on-going.
“The company will be seeking the approval of its shareholders for the proposed disposal at an extraordinary general meeting to be convened at a future date,” Meikles said in a statement two weeks ago.
Meikles Hotel, which has been in existence for over 100 years and is owned by the Moxon Family, through Zimbabwe Stock Exchange-listed entity Meikles Limited, is a legendary meeting place for international business executives, dignitaries, leisure travellers and celebrities.
It has always been an iconic landmark of the capital city Harare, one which has constantly and gracefully evolved through the colonial era of Rhodesia into modern-day Zimbabwe.
Meikles Limited, under the hospitality business, also operates the Victora Falls Hotel in a joint venture arrangement with African Sun and also has a significant shareholding in the Cape Grace Hotel in Cape Town, South Africa.
Albwardy Investment current hotel interests consist of 16 properties on four continents.
The hospitality business is headed by Zimbabwean Laurie Ward.
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