AFRICAN SUN LIMITED SELLS GREAT ZIMBABWE HOTEL IN $4.2 MILLION DEAL

African Sun Limited (AfSun), a prominent hotel asset management firm listed on the Victoria Falls Stock Exchange, has finalized the sale of its Great Zimbabwe Hotel to the Mewame Family Trust for US$4.2 million. This transaction, concluded on January 28, 2025, reflects AfSun’s ongoing strategy to refine its portfolio and generate capital for renovations at other properties within its holdings.

The sale encompasses the expansive 20.4-hectare property on which the hotel is situated, including the hotel business itself and all associated assets. The Mewame Family Trust, a recognized entity within the tourism and property sectors, has indicated its intentions to improve and broaden the hotel’s existing amenities and services. This acquisition signals the Trust’s commitment to investing in Zimbabwe’s tourism infrastructure.

AfSun, which currently manages a portfolio of ten hotels throughout Zimbabwe, has experienced a positive financial resurgence in recent years. However, the Great Zimbabwe Hotel has not been a significant driver of the group’s overall profitability. By divesting this asset, AfSun can concentrate its resources on its more profitable core properties and allocate funds towards necessary upgrades and enhancements at these locations. This strategic move is expected to strengthen AfSun’s overall financial position and allow for targeted investments in key areas.

The completion of the sale is anticipated by April 1, 2025. This timeline is contingent upon securing the necessary regulatory approvals and fulfilling certain pre-agreed conditions. The successful conclusion of this transaction will mark a new chapter for both the Great Zimbabwe Hotel and African Sun Limited, allowing both entities to pursue their respective strategic objectives.