African Sun has finalized the sale of two of its key properties, the Great Zimbabwe Hotel in Masvingo and Beitbridge Express Hotel, for US$6.9 million (R124 million).
According to travelnews.co.za, the buyer, TD Hotels and Leisure, now expands its footprint in Zimbabwe, further enhancing regional tourism opportunities.
READ: Africa: Hospitality brand, African Sun embarks on investment drive to refurbish hotels in anticipation of tourism rebound
African Sun, which is listed on the Victoria Falls Stock Exchange, said the sale of selected assets, considered not to be essential to the group’s future, was necessary to recapitalise to contribute to refurbishments of its primary hotels.
TD Hotels group owns eight properties in Portugal, Angola and Mozambique, including the Hotel Avenida in Maputo’s CBD.
