𝗠𝗶𝗱𝗿𝗼𝗰 𝗦𝗮𝘆𝘀 𝗶𝘁 𝗔𝗰𝗾𝘂𝗶𝗿𝗲𝗱 𝗪𝗮𝗯𝗶 𝗦𝗵𝗲𝗯𝗲𝗹𝗲 𝗛𝗼𝘁𝗲𝗹, 𝗣𝗹𝗮𝗻𝘀 𝗪𝗼𝗿𝗹𝗱-𝗖𝗹𝗮𝘀𝘀 𝗥𝗲𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻

MIDROC Investment Group says it acquired the iconic Wabi Shebele Hotel, originally built in 1968. Plans are underway to renovate it into a luxury hotel under Marriott’s Autograph Collection standards

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Midroc Investment Group said it has purchased Wabi Shebele Hotel, the iconic 1968 landmark that once towered as Addis Ababa's tallest building, symbolizing Ethiopia's mid-20th-century modernization efforts, with plans to renovate it into a modern, luxury property in line with Marriott’s Autograph Collection standards. The company shared the update on its official Facebook and Linked In pages late on Wednesday afternoon. Zias Architecture and Engineering is set to be part of the lead team that will design and renovation of the new hotel, according to sources familiar with the deal.

The move comes as Ethiopia prepares to host the 32nd United Nations Climate Change Conference next year and recent statements by Adanech Abiebe, the capital's mayor to update the city's hospitality sector.

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The acquisition agreement was signed by Midroc CEO Jemal Ahmed and Wabi Shebele Hotel Share Association Board Secretary Leul Bedemariam Mekonen. Speaking at the signing, Jemal Ahmed said the company aims to elevate the hotel’s services to world-class standards, creating a comfortable and high-quality experience for guests.

Leul thanked Midroc for planning to preserve the hotel’s history originally constructed in 1968 by Emperor Haile Selassie I as a gift to his five grandsons, the children of Prince Makonnen and ensuring it will be passed on to future generations.

Midroc Investment Group, known for developing high-quality tourist destinations like the Sheraton Addis, a Marriott Luxury Collection property is part of a broader effort to boost Ethiopia’s hospitality sector ahead of major international events.

MIDROC Investment Group is wholly owned by Sheikh Mohammed Hussein Ali Al-Amoudi, a Saudi-Ethiopian billionaire businessman renowned for his extensive investments across Africa and the Middle East. It was established in 1996 as a conglomerate of Al-Amoudi's companies. MIDROC operates as a diversified group primarily focused on sectors like agriculture, agro-processing, manufacturing, mining, and real estate.

MIDROC is an acronym for Mohammed International Development Research and Organization Companies.