Four Points by Sheraton to join hospitality industry
26 Dec, 2015 By Dawit Taye
Starwood Hotels & Resorts Worldwide, Inc. as part of its aggressive expansion plan in Africa which aims at increasing its market penetration across the region, has signed an agreement with Alemgenet Trade and Industry PLC to open Four Points by Sheraton in Addis Ababa. Four Points by Sheraton – a mid-scale brand – spearheads Starwood’s growth in the mid-market segment in Africa.
The agreement was signed on Tuesday, December 22 between Alem Fitsum, managing director of Alemgenet Trade and Industry PLC, and David Grossniklaus, operational manger at Starwood. Four Points by Sheraton is expected to be the tallest hotel in Addis Ababa, which is currently under construction off Africa Avenue adjacent Flamingo Bar and Restaurant on a 2,200sq.m plot.
The total cost of the project is expected to reach 120 million dollars with the design costing more than one million dollars. The design is said to incorporate Ethiopian values and will also have a museum that depicts the country’s rich cultural and tourism attractions.
Incorporating internationally accepted standards, searching for finance and conducting feasibility studies was commissioned by Ernst and Young. After signing the agreement Alem said, “This project would not have been possible without the tireless efforts of Ernst and Young.”
“The hotel will have 506 bedrooms, which makes it the biggest hotel in the country in terms of number bedrooms,” Alem told The Reporter. The hotel will also have ten restaurants, ten elevators including one that will serve exclusively for emergency exit. The 25th floor of the hotel will have a swimming pool.
The hotel is expected to be completed with in the coming two and a half years. The Starwood administers the hotel and a local construction company, Bamakon Construction will undertake the construction.
The hospitality industry here is shifting gears with major international hotel brand operators sealing deals with local investors. The likes of Marriott, Radisson Blu, Golden Tulip, Ramada and Pullman are the ones that have recently entered the market.