Albwardy said the investment had been approved by Zimbabwe's stock exchange and competition commission, while the shareholders would vote on the transaction next month.
"The Meikles Hotel provides a unique opportunity to invest in Zimbabwe's leisure and business markets as a first mover," Albwardy director of hospitality Laurie Ward said in a statement. Albwardy is expected to spend up to $30 million in upgrading the hotel, an official from Meikles Hotel told Reuters.- Reporting by MacDonald Dzirutwe; Editing by Edmund Blair
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