2023-03-10According to comprehensive media reports, Ethiopia has maintained double-digit annual average economic growth for 11 consecutive years, making it the fastest-growing country in sub-Saharan Africa. Furthermore, with a stable population exceeding 90 million, it is the second most populous country in Africa. The IMF predicts Ethiopia's economic growth to reach 8.5% in 2015. The rapid socio-economic development in Ethiopia has attracted an increasing number of foreign investors and tourists.
Addis Ababa, the capital of Ethiopia, with a population exceeding 4 million, has experienced rapid urban development in recent years, witnessing the rise of numerous skyscrapers. Bole International Airport has become a hub for East African aviation, serving around 6 million passengers annually. Additionally, Addis Ababa hosts the headquarters of the AU and the UN Economic Commission for Africa, earning its reputation as the "diplomatic capital of Africa." These international organizations convene numerous international conferences each year. Currently, Addis Ababa has only around 8,000 hotel rooms, whereas in Moscow, a single hotel may have up to 5,000 rooms, and Dubai boasts an impressive 100,000 rooms. Presently, Ethiopia has only three upscale hotels – Sheraton, Radisson Blu, and Hilton – making it challenging to meet the demand, especially during peak conference periods when delegations from various countries often encounter embarrassments due to limited hotel availability.
Against this backdrop, the international hotel industry giant, Wyndham Hotel Group, has identified a lucrative opportunity in this market. In June of this year, they will open a hotel named "Ramada-Addis" in Addis Ababa, featuring 140 rooms. This will be the fourth high-end hotel of an international brand in Ethiopia. The local representative of the Wyndham Group stated that they plan to gradually open more hotels in Ethiopia, with a target of reaching 1,000 rooms. Other international hotel chains, such as Marriott and InterContinental, also have plans to open new hotels in Addis Ababa within the next 1-2 years. The growth of the hotel industry is expected to promote the tourism sector.
