In a recent development, federal judges in Ethiopia have suspended the auction of the D'Afrique Hotel, one of Addis Ababa's oldest hotels, just days before it was set to go under the hammer. The suspension was prompted by an appeal from two of the six judgment creditors, Alemayehu and Beletshachew Seifu, who disputed the 184-million-Br opening price. They argued that the court had relied on a 2024/25 valuation that is no longer appropriate.
The D'Afrique Hotel has been a prominent landmark in Addis Ababa for many years, and its auction had been highly anticipated. However, the dispute over the valuation has brought the process to a halt. The two judgment creditors, Alemayehu and Beletshachew Seifu, are heirs to the hotel and are contesting the price at which it is being auctioned. They claim that the current valuation does not reflect the hotel's true worth.
A three-judge panel has stopped the sale and adjourned the matter to the end of October. This decision has provided temporary relief to the heirs, who are hoping to resolve the dispute over the hotel's valuation. The judges' decision to suspend the auction has given the parties involved more time to negotiate and potentially reach a settlement.
The D'Afrique Hotel has a rich history in Addis Ababa, and its auction had been expected to attract significant interest. However, the dispute over the valuation has raised questions about the fairness of the process. The hotel's heirs are determined to ensure that it is sold at a price that reflects its true value.
The suspension of the auction has provided a temporary reprieve for the hotel's heirs, who are hoping to resolve the dispute amicably. The parties involved will have to wait until the end of October for the next hearing, where they will have the opportunity to present their case to the judges. It remains to be seen how this dispute will be resolved and what the future holds for the D'Afrique Hotel.
The dispute over the D'Afrique Hotel's valuation highlights the complexities of auctioning off assets in Ethiopia. The country's auction process can be lengthy and contentious, with multiple parties often vying for control. In this case, the heirs' dispute over the valuation has brought the process to a halt, and it remains to be seen how it will be resolved.
The judges' decision to suspend the auction has given the parties involved a chance to revisit the valuation and potentially reach a settlement. The D'Afrique Hotel's future remains uncertain, but one thing is clear: its auction will not proceed until the valuation dispute is resolved. The parties involved will have to work together to find a solution that is fair to all.
Key points
- The federal judges' suspension of the D'Afrique Hotel auction has provided temporary relief to the heirs, who are contesting the 184-million-Br opening price.
- The dispute over the hotel's valuation has raised questions about the fairness of the auction process.
- The parties involved will have to wait until the end of October for the next hearing, where they will have the opportunity to present their case to the judges.
