Mohammed Hussein Al‑Amoudi, Ethiopia’s wealthiest businessman, has acquired the historic Wabe Shebelle Hotel in Addis Ababa through his conglomerate, MIDROC Investment Group, with plans to renovate the property to international hospitality standards ahead of the 32nd United Nations Climate Change Conference (COP32).

The hotel, one of the city’s oldest landmarks, was originally built in 1960 during Emperor Haile Selassie’s reign as a source of income for the family of Prince Mekonnen. It was confiscated during the Derg period and later returned to its owners under the EPRDF administration.

Under the acquisition agreement, signed by MIDROC CEO Jamal Ahmed and Prince Bedemariam Mekonnen, Board Secretary of Wabe Shebelle Hotel Share Company, the property will join the Autograph Collection by Marriott. The brand is designed to preserve the distinct historical character of each hotel while meeting global service and quality benchmarks.

Jamal said the group plans to modernise the hotel’s facilities and services, positioning it as a premium option for international delegates and conference participants. Prince Bedemariam welcomed the acquisition, noting that the hotel’s historical identity will be maintained alongside the planned renovations.

The acquisition aligns with Addis Ababa’s broader push to expand and upgrade hospitality infrastructure in preparation for major international events. Last week, MIDROC inaugurated the Denby Eco Lodge, part of its wider investment portfolio in tourism and urban development.