Watergate Hotel which is found in Addis Ababa, is going to be reopened as Olympia. Tulip Inn Hotel, a subsidiary of Louvre Hotels Group and which is a four star brand name hotel, concluded its first deal in Africa to open Olympia Hotel in Addis. According to Kumneger Teketel, founder and CEO of Ozzie, which brings different brand name hotels to Ethiopia, there are thirty brand name hotels in Addis Ababa.
Watergate Hotel was owned by Habtamu Mulualem, the owner of MSN, a company which exports cereals. The building of the hotel which is going to be reopened as Olympia has 12 storeys and a large parking lot. Olympia Hotel, which is expected to commence operation within two months and which will create 175 jobs, will have109 rooms, two restaurants, one bar, one coffee shop, meeting rooms, steam bath, and gymnasium.
Louvre Hotels Group is a major player in the global hospitality industry, with a portfolio that now includes more than 2,600 hotels in 54 countries. It has a full hotel offering, spanning 1 star to 5 stars, with the Louvre Hotels Group’s historic brands (Première Classe, Kyriad, Campanile, Tulip Inn, Golden Tulip, Royal Tulip), the 5 brands of the Sarovar network in India, the French Group Hôtels and Préférence and Chinese brand Metropolo.
Louvre Hotels Group is a subsidiary of Jin Jiang International Holdings Co., Ltd., the 5th hospitality group in the world which purchased Louvre in 2015.
Source: Capital Ethiopia and https://www.louvrehotels.com/en