Business Reporter
Victoria Falls, a key destination in Zimbabwe’s tourism sector, is set to welcome two new upmarket hotels with a combined investment of US$114.3 million.
The projects, as reported by the Zimbabwe Investment and Development Agency (ZIDA), include a US$49 million four-star hotel and a US$65.3 million five-star hotel.
The four-star hotel will feature a conference center and is the first project under the proposed Mosi oa Tunya Hospitality Real Estate Investment Trust (REIT), which aims to be listed on the Victoria Falls Stock Exchange (VFEX). It will be built on a 5.61-hectare site and will include 180 rooms, a conference room for 100 people, two restaurants, an infinity pool, a spa, and a wildlife watering hole. Construction is expected to begin after financial closure, anticipated by the end of this year, with completion targeted for late 2026.
The five-star hotel, named Victoria Falls Resort & Spa, will consist of 160 rooms and is being developed through a Public-Private Partnership (PPP) between Victoria Falls City and Lamcent Capital. The project has already secured a 500-year concession period and a management contract with a recognized hospitality brand.
The four-star hotel is projected to generate a 16.3% internal rate of return (IRR), while the five-star hotel is expected to have a 12.4% IRR with a payback period of 12 years. Both projects are seen as vital for enhancing the accommodation offerings in Victoria Falls, which currently faces a shortage of upmarket hotel options.
These developments align with Zimbabwe’s National Tourism Recovery and Growth Strategy, which aims to elevate the tourism economy to US$5 billion by next year. The government is focused on leveraging the unique natural and cultural assets of the region to position Zimbabwe as a prime international tourist destination.
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