adminThe investment confirms the status of Zimbabwe and Harare in particular as a lucrative business centre for the American hotel group.
The investment was disclosed in a recent full council meeting when councillors approved a ministerial directive to sell the land occupied by East 24 restaurant to Stream Walk Arcade, the owners of the hotel project.
Mayor Muchadeyi Masunda said the hotel project that comes with office blocks, retail business, health and fitness spar would boost the city’s fortunes and help in the drive to achieve a world class city by 2025.
The 275-room hotel will have 12 floors, while the other facilities like office blocks and retail units would have five and two floors each.
The facility will have a basement car park with capacity to hold up to 1 000 vehicles.
The project was conceived in 2009 and has been on the cards ever since.
Local Government, Rural and Urban Development Minister Ignatius Chombo recently wrote to the council directing it to sell the land to the investors.
He said the benefits derived from selling the land for such a huge project were that the development would pay rates commensurate with the value of the multi-million investment.
Councillor Herbert Gomba supported the move to sell the land.
He said Minister Chombo intervened because council had taken too long to conclude the deal.
“Maybe they were tired of waiting for council,” he said.
City evaluators were yesterday at the site to ascertain the value of the land.
Owners of East 24 have been leasing the property from council.
Online Reporter