Although a name has not yet been chosen for the new hotel, Aschalew said that it will be a high standard location, costing about 1.5 million Br to build.
 

The hotel will be located on the upper floors of a building owned by Addis Fana PLC, a company established in 2002 with a capital of 1.5 million Br by 17 businessmen of which the biggest shareholder and General Manager is Zenebe Firew, a prominent real estate developer.
 

The edifice was built in the Addis Ketema District on a 686sqm plot of land that was leased from the Addis Abeba City Administration Lease Board for 3,500 Br per square meter.

Zenebe told Fortune that Addis Fana spent 16 million Br constructing the building commonly known as the Addis Building.
 

The building has seven storeys. Its first three floors are rented out as shops, the fourth floor has been rented for offices and from the fifth floor up was rented to Aschalew for his hotel.  The fifth floor will be the lobby and a restaurant and the sixth and seventh floor will be for rooms; the refurbishment is now in its finishing stages.

Aschalew said that after serving the  Chamber for 13 years, he felt that he had done his part in serving the people of Ethiopia. He resigned feeling that it was now time to work for himself.

He said that the hotel will open for service in two months and that they are in the process of importing furniture.