Business Reporter<\/p>\n\n\n\n
<\/p>\n\n\n\n
African Sun has sold two of its struggling hotels, the Great Zimbabwe Hotel and Beitbridge Express Hotel, for a combined total of almost US$7 million. The company plans to use the funds to refurbish its remaining operations.<\/p>\n\n\n\n
“The sale of these hotels will help us upgrade our primary assets,” said African Sun in a statement.<\/p>\n\n\n\n
“We deemed it necessary to sell selected assets not core to our future to expedite refurbishments.”<\/p>\n\n\n\n
The Great Zimbabwe Hotel, sold for US$4.45 million, was one of the company’s least profitable operations. The Beitbridge Express Hotel, sold for US$2.5 million, had been shut down since 2016.<\/p>\n\n\n\n
African Sun’s hotel occupancy rate rose to 52% last year, a significant increase from previous years. The company aims to continue improving its performance by upgrading its remaining hotels.<\/p>\n\n\n\n
“We are committed to investing in our core assets to enhance our offerings and improve our competitiveness,” said African Sun.<\/p>\n\n\n\n
The company currently operates ten hotels, including seven owned properties and three leased properties. It co-runs the Victoria Falls Hotel with Meikles.<\/p>\n\n\n\n
By selling its underperforming hotels, African Sun is strategically positioning itself for future growth and success in the hospitality industry.<\/p>\n\n\n\n
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