MIDROC Ethiopia

pending

Midroc Ethiopia PLC (“MEP” or “Company”) is the hospitality arm of MIDROC Investment Group (“MIG” or “Group”). MIG is also involved in agriculture/agro-processing, manufacturing, mining, hospitality, real estate/construction, and consumer services.MEP hotel stay offerings include various categories of rooms and private villas and related housekeeping services, culinary services through restaurants and lounges, spa and fitness facilities/services, third party gift and convenience stores, workshop/business meeting facilities and venues for social events. In 1998, MEP commissioned the 294-room Sheraton Addis Hotel (Sheraton Addis’) located in Kirko Sub-City and engaged Starwood Hotel and Resorts as the operator. In 2016, Marriot International (“The Operator”) acquired Starwood Hotel and Resort and took over operations of the Sheraton Addis. In 2023, MEP commissioned a phased remodel of the Sheraton Addis to modernize the hotel. At the time of appraisal, remodeling activities at Sheraton Addis had commenced and were scheduled for completion in 2026.MEP also intends to construct a 200 key hotel (“The New Sheraton Hotel”) and private villas on 2.5 acres of land within its property. The New Sheraton Hotel will be constructed adjacent to the current Sheraton Addis main hotel building. The construction area consists of a modified urban setting with no physical or economic displacement of persons. The New Sheraton Addis will also be operated by Marriot International (“The Operator”) under their select and longer stay brands. IFC is proposing an A loan of US$80m to finance the re-modelling and refurbishment of the Sheraton Addis and for construction of the New Sheraton Hotel.