Historic Genet Hotel in Addis Ababa to be acquired by Arab investor

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Historic Genet Hotel in Addis Ababa to be acquired by Arab investor

Addis Ababa, March 30 2023 - Ethiopian government officials announced today that Abdul Hussein Ababaker, a prominent Arab investor, has reached an agreement to take over the historic Genet Hotel in Addis Ababa. The hotel, which has been operating for over 60 years, is set to be acquired by Ababaker in June 2023.

The Genet Hotel, which has been a popular destination for tourists and locals alike, offers a range of services, including a restaurant, garden, tennis courts, and a bowling alley. Unfortunately, all of these services will seize functioning once the takeover is complete.

Despite this, government officials are optimistic that the acquisition will bring significant benefits to the surrounding area. The Genet Hotel is located in a poor area of Addis Ababa, and officials hope that Ababaker's investment will bring new jobs and economic growth to the area.

"The Genet Hotel has been a beloved institution in Addis Ababa for many years," said a spokesperson for the Ethiopian government. "We are thrilled that Abdul Hussein Ababaker has chosen to invest in this important landmark, and we look forward to seeing the positive impact that this investment will have on the local community."

Abdul Hussein Ababaker is a well-known investor in the Arab world, and has a reputation for turning struggling businesses into thriving enterprises. He has not yet commented publicly on the acquisition of the Genet Hotel, but sources close to him have suggested that he is excited to take on this new challenge.

The takeover of the Genet Hotel by Abdul Hussein Ababaker is expected to be completed in June 2023. The hotel will continue to operate under its current name for the time being, although it is possible that changes will be made in the future.

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