UAE’S ASB HOSPITALITY BUYS ANOTHER ZIMBABWE HOTEL

LISTED financial services provider, First Capital Bank, has signed a share purchase agreement with a potential investor, ASB Hospitality LLC, for its shareholdings in hotel operator Makasa Sun (Pvt) Limited.

This would mark yet another strategic expansion into Zimbabwe’s tourism industry by United Arab Emirates-based ASB Hospitality, following its 2019 acquisition of the iconic The Meikles Hotel in Harare, which has since rebranded to Hyatt Regency Harare-The Meikles.

The Kingdom Hotel, one of the most spectacular hotels, located in the heart of the resort town of Victoria Falls, closed in early 2023 after a lease dispute between the owner and operator, Africa Sun Limited and is expected to re-open under a new brand once the acquisition is completed.

Makasa Sun’s (Pvt) Limited’s sole asset is Makasa Sun Hotel in Victoria Falls, formerly The Kingdom Hotel.

Victoria Falls Stock Exchange-listed First Capital Bank Limited currently holds a 50 percent stake in Makasa Sun (Pvt) Ltd.

ASB Hospitality’s expansion comes as Zimbabwe’s tourism industry is in a strong recovery phase, experiencing significant growth in international arrivals and revenue, and has recently been recognised globally as a top tourism destination.

The tourism sector is benefiting from Government support, such as incentives and the creation of special economic zones, and is attracting investment despite global headwinds.

In a statement, First Capital said it had entered into a binding agreement with ASB Hospitality, registered in the United Arab Emirates, for the sale of all issued ordinary shares and redeemable preference shares in Makasa Sun Pvt Ltd.

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