Senegal Wants to Cash In On Their Le Meridien
International banks aren't the only ones having issues with making good on their loans; the entire government of Senegal, on Africa's northwest coast, is so seriously in debt to local businesses that they are having to sell off their prized possession: the Le Meridien Dakar. While this may be great news for aspiring hoteliers who value a bargain, it is nonetheless devastating for the Le Meridien chain and the state of hotels in Senegal.
Even if we had a bankful of money to throw around right now, buying a money-hungry property in an unstable country wouldn't exactly be at the top of our list. Still, a Le Meridien for (a billionaire's) chump change is pretty tempting.
According to Reuters, the announcement of the decision to sell was made thus: "A public tender published in Senegalese newspapers on Wednesday invited bids from local or international investors for the hotel complex, which has a 35-hectare site including a 9-hole golf course, but gave no price guidance." Oh, how we wish we knew the starting bid on this place, because certainly there is no greater motivation for reasonable pricing than having an entire country's economy resting on it.
[Le Meridian photo via Le Meridan Hotels; For Sale image via wikipedia]