By Staff Reporter
Harare – African Sun Limited, a leading hospitality group in Zimbabwe, has announced plans to divest its iconic Monomotapa Hotel in Harare.
The company is prioritizing investment in new opportunities, particularly in the rapidly growing Victoria Falls tourism market.
“A pivotal decision in this strategy is the planned sale of African Sun’s flagship property, the historic Monomotapa Hotel in Harare, which celebrated its 50th anniversary in April 2024,” the company stated in a press release.
African Sun says it plans to “explore new opportunities in Victoria Falls and other considered destinations within Zimbabwe”.
“It is widely acknowledged that hotel portfolios must evolve in order to stay competitive,” the company said.
The Monomotapa Hotel, which celebrated its 50th anniversary in April 2024, has reportedly attracted interest from two reputable hotel brands: Legacy and Protea.
Earlier this year, African Sun canceled a US$7 million deal to sell two of its less profitable properties, Great Zimbabwe Hotel and Beitbridge Express Hotel.
The company is now focused on optimizing its portfolio and capitalizing on emerging opportunities.
Victoria Falls, a world-renowned tourist destination, has witnessed significant growth in recent years.
African Sun’s strategic shift aligns with this trend, as the company seeks to expand its presence in this dynamic market.
In the first half of 2024, African Sun reported a 14% increase in revenue to US$25.6 million, driven by higher average daily rates and increased occupancy.
The company remains optimistic about its future prospects and is committed to delivering exceptional hospitality experiences to its guests.
