New lodge opens in Victoria Falls

 Newmark Hotels & Reserves’ new Bupenyu Lodge, set above the Bakota Gorge on the Zimbabwe side of Victoria Falls, has opened its doors.

The exteriors were designed by Stellenbosch-based Experience Architects to mimic the environment with stone-clad passageways and basalt-lined walls. The interiors showcase local artistry and natural materials curated by Hinterland Studio.

The lodge includes 11 cliffside suites, each 52 square metres, with private plunge pools and indoor-outdoor living spaces. There is also an exclusive-use 132 square metre two-bedroom villa. All accommodation is connected to the communal areas via pathways that wind through the miombo woodlands.

The lodge offers three dining options: an outdoor boma, open-plan restaurant or the deck of each suite. Additional facilities include spa treatment pods, infinity pool, wine cellar and a helipad for transfers.

Experiences include helicopter flights over Victoria Falls, rhino conservation excursions, horseback safaris, day trips to the Chobe and Hwange national parks, Zambezi River cruises, swims at Devil’s Pool and meeting with local communities at Chinotimba Township.

Source: New lodge opens in Victoria Falls (27/02/2026)

The Lux Collective Accelerates Global Expansion with New Signings and a Growing Worldwide Pipeline

 Award-winning global luxury hotel operator, The Lux Collective presents the next phase of its ambitious international expansion driven by strong momentum, following a highly successful ILTM showcase. With seven new signings secured in 2025 and a dynamic pipeline across Asia, the Indian Ocean, the Middle East and Africa, the Group reinforces its role as a forward-thinking industry leader. As its flagship luxury brand LUX*, sustainability-focused SALT, and newest bold urban brand SOCIO continue to evolve with purpose-led design and culturally resonant experiences, The Lux Collective's strategy remains focused on its vision to become the world's leading hospitality group.

Guiding this trajectory is Olivier Chavy, Chief Executive Officer of The Lux Collective. “Our vision is clear: to redefine the conscious luxury hospitality of tomorrow. As we accelerate our global expansion and enter new markets, we remain committed to creating sustainable design-forward destinations that foster genuine connection. Through our innovative brands, these new signings reflect our ambition to push boundaries, elevate local narratives and craft experiences that truly resonate with today's travellers.”

Discovering Southern Africa's Natural Wonders at LUX* Xinii Victoria Falls, Zimbabwe

Following the announcement of LUX* Xinii Mababe in Botswana last December, The Lux Collective has signed a second hotel management agreement to operate LUX* Xinii Victoria Falls in Zimbabwe.

LUX* Xinii Mababe, Botswana presents an exclusive luxury retreat into the untamed landscape of Mababe, home to abundant wildlife including buffalo, zebras, elephants, giraffes, lions and leopards. Extending the LUX* footprint further into Southern Africa, LUX* Xinii Victoria Falls will immerse guests in the awe-inspiring surroundings of Victoria Falls, one of the world's largest waterfalls.

Located along the banks of the Zambezi River, just 35 kilometres from Victoria Falls, the resort will offer ultra-luxurious safari and wellness experiences immersed in the natural wonders of Zimbabwe. Scheduled to open in 2028, the hotel will feature 12 lodges each designed with a conical roof inspired by African hut traditions and local indigenous culture. These distinctive roofs not only create a striking aesthetic, but also support rainwater harvesting, reflecting traditional wisdom in resource usage. A second phase of opening will see the addition of 14 lodges, along with a second restaurant and an additional pool, further expanding its offerings.

The property's facilities include a signature restaurant, a swimming pool and comprehensive wellness and spa services, including yoga sessions, allowing guests to rejuvenate the body and mind amidst the African wilderness. LUX* Xinii Victoria Falls will provide curated experiences that celebrate the region's wildlife and culture – from gourmet destination dining, traditional game drives and walking safaris to adrenaline-fuelled adventures such as bungee jumping, zip-lining, helicopter flights and white-water rafting on the Zambezi River. Guests can also enjoy idyllic boat cruises and explore local cultural villages and markets, offering a seamless blend of luxury, adventure and cultural discovery. This successful collaboration is facilitated by advisory partner International Tourism Investment Corporation Ltd (ITIC).

A bold new chapter of growth and global reach

Looking ahead, The Lux Collective's global pipeline reflects robust momentum, with a diverse portfolio of 16 openings set to roll out across Asia, the Middle East and Africa. In China, new destinations include SALT of Mount Siguniang, LUX* Guangzhou and LUX* Shaoguan. Southeast Asia will welcome the pioneering LUXNAM* Phu Quoc, Vietnam's and the region's first overwater all-villas resort, along with SALT of Virgin Beach in Bali, the Group's first entry into Indonesia. In the Middle East, the Group expands with the tented luxury desert retreat LUX* Al Bridi, the reimagined beach resort LUX* Khorfakkan overseeing the Gulf of Oman, and the significant Middle East debut of the SOCIO brand – introducing the first-ever hotel and branded residences, SOCIO By The Lux Collective in Sultan Haitham City, Oman. This milestone is complemented by ELIRE Managed by LUX*, the first LUX* branded residences in Business Bay, Dubai.

The pipeline also extends to Africa with LUX* Xinii Mababe in Botswana and the SOCIO Tribeca flagship in Mauritius. Collectively, these developments reinforce the Group's purpose-driven forward momentum and its commitment to shaping the next era of modern luxury hospitality – fortifying its position as a global leader in sustainability stewardship with clarity and intent.

Source: The Lux Collective Accelerates Global Expansion with New Signings and a Growing Worldwide Pipeline (11/12/2025)

Chinese to build luxury riverfront lodges in Victoria Falls

 Zimbabwe's tourism sector is set for a major boost following confirmation that The Lux Collective, a global hospitality group with Chinese backing, will develop a high-end eco-luxury lodge estate along the Zambezi River near Victoria Falls. The project, named LUX* Xinii Victoria Falls, is expected to open in 2028 and marks the group's second major investment in Southern Africa after its Botswana venture, LUX* Xinii Mababe.

The new estate will be constructed in two phases, beginning with 12 luxury lodges designed with conical, African-inspired roofs that allow for natural cooling and rainwater harvesting. A second phase will expand the development with 14 additional lodges, as well as a restaurant and swimming pool, creating an exclusive retreat within reach of one of the world's most iconic natural attractions.

The development comes as part of The Lux Collective's wider global expansion, with the company announcing seven new hotel signings for 2025. Its pipeline of projects now stretches across Asia, the Indian Ocean, the Middle East and Africa, reflecting an ambitious growth strategy anchored in sustainable design and culturally grounded hospitality.

Chief executive Olivier Chavy said the company's goal is to "redefine the future of conscious luxury travel" by creating experiences that resonate deeply with modern travellers who value both comfort and environmental responsibility.

China remains a key focus of the group's expansion. In early 2027, it will launch LUX* Tea Horse Road Mount Tiantai in Sichuan province, offering accommodation both within a historic town and on nearby high-altitude tea plantations outside Chengdu. Another luxury development, LUX* On The Bund Shanghai, will open in the first quarter of 2027, featuring waterfront views, a private marina, fine-dining venues, a rooftop bar and an advanced wellness centre.

Beyond China and Southern Africa, The Lux Collective now has 16 properties under development worldwide, including new luxury projects in Vietnam, Bali, Dubai, Oman, Mauritius and several more cities in China. The company continues to grow its LUX*, SALT and SOCIO brands, drawing increasing international confidence in its eco-friendly, design-centred approach to hospitality.

The introduction of LUX* Xinii Victoria Falls is expected to significantly elevate Zimbabwe's visibility in the global high-end tourism market. Tourism experts say the investment reflects growing international interest in Victoria Falls as a destination for sustainability-driven luxury travel, potentially drawing in higher-spending visitors and injecting fresh momentum into the country's hospitality sector.

Source: Chinese to build luxury riverfront lodges in Victoria Falls (11/12/2025)

Refurb of Vic Falls property underway

 Lokuthula Lodges, located on the Victoria Falls Safari Lodge estate, has completed the first phase of a soft refurbishment aimed at enhancing comfort while maintaining the property’s long-standing Zimbabwean character.

Lodges 38-45 have been upgraded. The remaining 16 units are scheduled for refurbishment in January.

The work focused on improving functionality and refreshing interiors. Bathrooms were updated with new toilets, walk-in rainfall showers and the removal of bathtubs. Soft furnishings in the lounge were replaced to create a lighter living space and new bedroom cushions were added for texture and warmth. Walls and doors were repainted in Ndebele-inspired colours reflecting the region’s heritage.

The property continues to offer bed-and-breakfast or self-catering options with access to gardens, a swimming pool, children’s facilities, pickleball court and nearby restaurants including the Boma – Dinner & Drum Show and the Buffalo Bar at Victoria Falls Safari Lodge. The split-level units overlook indigenous bush with regular sightings of warthog, bushbuck and birdlife from private terraces.

Source: Refurb of Vic Falls property underway (05/12/25)

Cresta Sprayview Vic Falls completes major refurbishment

 All 65 bedrooms and suites at Cresta Sprayview in Victoria Falls have been completely refurbished as part of a major upgrade programme taking place in the hotel.

Cresta Hotels’ managing director Rutendo Badenhorst said the programme was aimed at maintaining competitive status and enhancing the guest experience in one of the resort city’s best-known hotels.

“Within the Cresta group we have a standard policy of regular refurbishment programmes in all our hotels, to allow for maintenance of the highest standards of physical infrastructure and to meet ever-increasing guest expectations,” she said.

In the 60 bedrooms and five suites decor and fittings have been changed, with a new feature of open closets, while bathrooms have been renovated and exteriors given a makeover. Gardens across the property have been extensively revamped, making full use of the trees, flowerbeds and lawns to enhance the ‘clean and green’ look of the bedroom wings that stretch out across the grounds.

Built originally by the well-known Gardini family and we long one of the resort’s best-known establishments, Cresta Sprayview was first opened as Peter’s Motel, the third hotel to be built in the resort. It later became the Victoria Falls Motel, and has since 2013 been operated by the Cresta Group as Cresta Sprayview.  it features prominently in the Cresta Hotels portfolio, which includes operations in Zimbabwe, Botswana and South Africa.

“We are very proud of the ongoing success and achievements of Cresta Sprayview, which fills an important niche in Victoria Falls as a destination for international, regional and local tourists, as well as hosting small to medium conferences and banqueting events,” said Mrs Badenhorst.

“The exciting growth of travel and tourism into and across Zimbabwe is a major boat for all of us in the sector and it is important for us to remain industry leaders in our field of operations, which means continuous improvement to physical infrastructure, service and operational activity. “

Next up in the refurbishment programme are upgrades to the restaurant, lounge and bars, work which has already started and will end in 2026.

Cresta Sprayview general manager Patience Musonza plays an important role in the hospitality industry in Victoris Falls, chairing the local branch of the Hospitality Association of Zimbabwe.

Source: Cresta Sprayview Vic Falls completes major refurbishment (November 2025)

UAE’s ASB Hospitality Snaps Up Zimbabwe’s Iconic Kingdom Hotel for $30 Million

In a big win for Zimbabwe’s growing tourism scene, Dubai-based ASB Hospitality has bought the famous Kingdom Hotel in Victoria Falls for $30 million. This marks the company’s second major move in the country, following its $20 million purchase of the Meikles Hotel in Harare back in 2019. The 294-room property, which sits right by the stunning Victoria Falls—a UNESCO World Heritage site that draws about 400,000 visitors each year—shut down in 2023 over a lease dispute but now looks set for a fresh start under new branding. Seller First Capital Bank, along with its pension fund, is cashing out to sharpen its focus on core banking, using the money to pay taxes and strengthen operations. For everyday Zimbabweans and travellers, this deal could mean more jobs in hospitality and better spots to stay, as the sector bounces back with 1.6 million visitors bringing in $1.2 billion in 2024. It also shows stronger ties between Gulf investors and Africa, especially as Forbes named Zimbabwe the world’s top travel spot for 2025 for its wildlife safaris and cultural treasures.

ASB Hospitality, a unit of Albwardy Investment, manages 18 luxury properties across four continents with over 1,300 rooms. This buy expands its African footprint, coming hot on the heels of grabbing a majority stake in Lusaka’s Taj Pamodzi Hotel in Zambia. For Zimbabwe, hit hard by economic woes but rich in natural wonders, such investments signal hope for revival in a sector key to earning foreign cash and creating work for locals.

The Kingdom Hotel: A Riverside Gem Ready for Rebirth

The Kingdom Hotel, now owned by Makasa Sun Private Limited before the sale, boasts 294 rooms and prime views of the Zambezi River, just minutes from Victoria Falls—one of the world’s largest waterfalls. Built in the 1990s with an African-inspired design mixing modern comforts and local vibes, it has long been a favourite for tourists seeking adventure like bungee jumps or wildlife safaris. But a lease row led to its closure in 2023, leaving the site idle and hurting local jobs.

ASB plans a grand relaunch, likely rebranding it to fit its luxury style, similar to turning Meikles into Hyatt Regency Harare—The Meikles. This could include upgrades to rooms, dining, and facilities to attract high-end visitors. With Victoria Falls pulling in crowds year-round, the hotel’s comeback could add to Zimbabwe’s tourism push, which aims for $5 billion in revenue by 2025 through spots like Hwange National Park and Mana Pools.

ASB Hospitality: Expanding Footprint in Africa’s Hospitality Boom

ASB Hospitality, based in Dubai, is part of Albwardy Investment—a family-owned group with roots in East Africa and a focus on luxury stays. Led by Ali Saeed Bin Harmal Aldhaheri, it runs upscale spots like the Hyatt Regency in Harare and now eyes more in the region. The company’s buy of Taj Pamodzi in Zambia shows a plan to grow in southern Africa, where tourism is rebounding post-COVID.

For Zimbabwe, ASB’s involvement brings know-how in running top hotels, potentially creating hundreds of jobs in services, maintenance, and supply chains. Local suppliers could benefit from deals for food, linens, and crafts, helping small businesses grow. This fits Zimbabwe’s goal to hit 5 million tourists by 2025, up from 1.6 million in 2024, bringing in more dollars to ease economic strains.

First Capital Bank’s sale lets it drop a non-core asset, focusing on banking while pocketing cash to boost lending and operations. The bank’s pension fund, a joint owner, also gains from the deal, securing funds for retirees.

A Closer Look: Facts Behind the Deal

In a major deal set to breathe new life into Zimbabwe’s hospitality scene, Dubai-based ASB Hospitality has acquired the renowned Kingdom Hotel in Victoria Falls for $30 million. This marks the company’s second significant investment in the country, following its $20 million purchase of the Meikles Hotel in Harare in 2019. The 294-room riverside property, which closed in 2023 due to a lease dispute, is now poised for a grand relaunch under fresh branding, potentially attracting more visitors to one of Africa’s top natural wonders. For everyday Zimbabweans, this could mean fresh job opportunities in tourism, a sector that welcomed 1.6 million visitors in 2024 and generated $1.2 billion in revenue. The transaction also signals deepening ties between Gulf investors and African markets, especially as Zimbabwe earns global praise for its wildlife safaris and cultural treasures, recently crowned by Forbes as the world’s top travel destination for 2025.

ASB Hospitality, a subsidiary of Albwardy Investment, manages 18 luxury properties across four continents with over 1,300 rooms. The acquisition expands its African footprint, coming shortly after securing a majority stake in Lusaka’s Taj Pamodzi Hotel in Zambia. For Zimbabwe, grappling with economic challenges but rich in attractions like Victoria Falls—a UNESCO World Heritage site drawing 400,000 visitors yearly—this investment offers hope for revival in a key industry that supports thousands of livelihoods.

The Kingdom Hotel: A Prime Asset Ready for Rebirth

Nestled along the Zambezi River just minutes from the majestic Victoria Falls, the Kingdom Hotel boasts 294 rooms designed with an African-inspired aesthetic that blends modern comfort with local charm. Built in the 1990s, it has long been a favourite for tourists seeking adventures like helicopter rides over the falls or wildlife safaris in nearby reserves. However, a lease disagreement led to its closure in 2023, leaving the site dormant and impacting local employment.

Under ASB’s ownership through Makasa Sun (Private) Limited—the previous operator jointly held by First Capital Bank and its pension fund—the hotel is expected to undergo upgrades and rebranding. This mirrors ASB’s successful revamp of the Meikles Hotel into the Hyatt Regency Harare – The Meikles, which has elevated standards and drawn international guests. The relaunch could include enhanced facilities like spas, conference spaces, and eco-friendly features to appeal to modern travellers, potentially creating hundreds of jobs in housekeeping, guiding, and supply chains.

The property’s location near Victoria Falls, one of the Seven Natural Wonders of the World, positions it perfectly for Zimbabwe’s tourism push. The falls alone generate significant revenue, with activities like bungee jumping and river cruises adding to the allure.

ASB Hospitality’s African Expansion: Building a Luxury Network

ASB Hospitality, headquartered in Dubai, is part of the family-owned Albwardy Investment group, which has roots in East Africa and a focus on upscale accommodations. Led by Ali Saeed Bin Harmal Aldhaheri, the firm emphasises sustainable operations and community benefits, aligning with Zimbabwe’s goals for eco-tourism.

The company’s entry into Zimbabwe began with the $20 million Meikles acquisition in 2019, transforming it into a five-star Hyatt property that has boosted Harare’s appeal for business travellers. More recently, ASB expanded in Zambia with the Taj Pamodzi stake, showing a clear strategy to grow in southern Africa. With 18 properties worldwide, ASB brings expertise in managing high-end resorts, which could help elevate Zimbabwe’s offerings to compete with regional hotspots like South Africa’s Kruger or Botswana’s Okavango Delta.

For First Capital Bank, the sale allows a shift back to core banking activities, using proceeds to cover taxes and enhance operations. The bank’s pension fund, a co-owner, also benefits, securing returns for members in a volatile economy.

A Closer Look: Key Facts on the Deal and Its Impact

1/ ASB Hospitality, a Dubai-based arm of Albwardy Investment, manages 18 luxury properties across four continents with over 1,300 rooms.

2/ The Kingdom Hotel boasts 294 rooms and sits just minutes from Victoria Falls, a UNESCO World Heritage site drawing 400,000 visitors yearly.

3/ ASB’s first Zimbabwe buy was the Meikles Hotel in Harare for $20-million in 2019, now rebranded as Hyatt Regency Harare – The Meikles.

4/ ASB recently grabbed a majority stake in Lusaka’s Taj Pamodzi Hotel in Zambia, expanding its African holdings.

This acquisition not only revives a key asset but also hints at more investments in Zimbabwe’s tourism, supporting the nation’s recovery and creating opportunities for communities around iconic sites like Victoria Falls. As ASB plans the relaunch, locals and travellers alike can look forward to upgraded experiences that blend luxury with Zimbabwe’s natural beauty.

Source:  UAE’s ASB Hospitality Snaps Up Zimbabwe’s Iconic Kingdom Hotel for $30 Million (24/11/2025)

First Capital Bank to sell former ‘Kingdom Hotel’ stake in USD 30m deal

 First Capital Bank has announced a binding agreement to dispose of its full shareholding in Makasa Sun (Private) Limited, the company that owns the Makasa Sun Hotel, in a transaction valued at USD 30 million.

The Makasa Sun Hotel is the one formerly known as The Kingdom Hotel in Victoria Falls.

The deal, signed with ASB Hospitality LLC of the United Arab Emirates, will see the foreign investor acquire 100% of the hotel operator’s issued shares once all conditions precedent are met.

According to the bank’s latest statement, the purchaser has already placed a USD 3 million deposit into escrow, with the remaining USD 27 million to be paid upon completion. The sale is subject to regulatory approvals, including clearance from the Reserve Bank of Zimbabwe, the Competition and Tariff Commission, COMESA, and the Zimbabwe Revenue Authority.

First Capital Bank said the disposal forms part of a strategic shift to unlock shareholder value by exiting non-core assets and refocusing on mainstream banking activities. ASB Hospitality, backed by an international hotel group, is expected to reposition the Makasa Sun Hotel and stimulate further investment in Zimbabwe’s tourism sector.

The bank emphasised that the sale will not have a significant impact on its historical or future earnings, as Makasa Sun has been recorded as a dormant entity. As at October 2024, Makasa Sun had a consolidated net asset value of approximately USD 27.9 million, though it has not been significantly reflected in the bank’s consolidated financials.

Proceeds from the transaction will be used to settle capital gains tax obligations and to distribute net receipts to both the bank and its staff pension fund, which jointly owned the hospitality asset. No securities are being exchanged as part of the agreement, and the deal will be settled entirely in cash.

The transaction qualifies as a Category 3 transaction on the Victoria Falls Stock Exchange. First Capital Bank advised shareholders and investors to continue exercising caution until full regulatory approval is confirmed and the disposal is finalised.

Source: First Capital Bank to sell former ‘Kingdom Hotel’ stake in USD 30m deal (20/11/25)

Victoria Falls courts investors to expand hotel room capacity

 THE City of Victoria Falls is actively courting international investment to address a critical shortage of 2 200 hotel beds and develop world-class infrastructure, as a strategic move set to harness the growing tourism and Mice (Meetings, Incentives, Conferences, and Exhibitions) sector.

The drive is led by the increasing domestic and international arrivals, which underscores a unified vision to transform the resort city into a premier global destination rivaling the likes of Cape Town.

The campaign gained significant momentum recently when the Minister of Tourism and Hospitality Industry, Barbara Rwodzi, together with the Mayor of Victoria Falls, Councillor Prince Thuso Moyo, and Town Clerk Mr Ronnie Dube, hosted a high-level delegation from Qatar.

The engagement, held in the city, was a direct pitch for substantial foreign direct investment in the hospitality and ancillary sectors.

Victoria Falls Town Clerk Mr Ronnie Dube said the city has vast investment opportunities and immense potential.
“Victoria Falls is a destination of choice both from the Government’s perspective and from the city council’s perspective,” he said.

“We have become so busy in terms of Mice, we are very busy in that field, almost every week there is a big event taking place and our challenges have obviously been the accessibility of our destination,” said Mr Dube.

He said there were opportunities for enhanced air connectivity.
“The city is running short of airlines coming through, so I think Your Excellency, with your influence, we can have Qatar Airways flying directly to Victoria Falls so that we can cut our tourists from the Middle East,” said Mr Dube.

Beyond aviation, he outlined critical infrastructure gaps and investment-ready opportunities.
“We also have challenges that relate to aging infrastructure and basic care infrastructure. So, that infrastructure deals with water and sanitation,” he said.

Crucially, Mr Dube confirmed the availability of land for development and highlighted the growing niche of sports tourism.
“There is land available for investment that we can discuss. There are more other opportunities particularly in sports tourism. There is already a cricket stadium that is currently under construction on the outskirts of our city,” he said.

“So, there is a very big opportunity in investing in sports tourism as well. Obviously, in terms of our statistics, Victoria Falls is running short of 2 200 beds for our tourists.”

Minister concurred and provided a comprehensive national context, positioning Victoria Falls as the catalyst for a wider tourism renaissance across Zimbabwe.

She affirmed the Government’s commitment to offering land for development.
“We are here to discuss with you. Victoria Falls is our capital for tourism. We have first, land in Victoria Falls that we can offer to you and that we can offer to your country or your Government to develop tourism infrastructure in our country,” said Minister Rwodzi.

She further addressed the limitations, linking the destination directly to short visitor stays.
“We are lagging behind, particularly in Victoria Falls, but it is all because our infrastructure is not enough. On average, guests are spending two nights. Why? Because activities to do in Victoria Falls are limited,” she said.

A key pillar of the strategy is the development of a purpose-built conference centre to capitalise on the successful Mice track record.

Minister Rwodzi cited a recent event that exposed the infrastructure deficit: “An example is Ramsar that we have just hosted last month, which had 3 000 internationals that came into the country.

But the facility or the infrastructure that we hosted the event was not appropriate for the event.
“So, we are looking into the construction of a conference centre that can have a capacity to accommodate 10 000 people in the town.”

Minister Rwodzi revealed that her ministry holds 260 hectares of prime, serviced land, specifically earmarked for a multi-faceted tourism development.

“In there, a number of facilities can be constructed. There is a financial corridor to be put in that land. There is also a commercial corridor to be put in that land. Accommodation across the board. Chalets, lodges. Hotels,” she said.

While Victoria Falls is the immediate focus, Minister Rwodzi extended the invitation to explore Zimbabwe’s diverse tourism portfolio, from the Eastern Highlands and the Great Zimbabwe Monument to Lake Kariba and Mana Pools, emphasising that investment in infrastructure is the key to unlocking these destinations.

The concerted push by the Government and the Victoria Falls City Council signals a decisive shift from talking about potential to actively creating an enabling environment for large-scale investment.

With a documented gap of 2 200 beds and a compelling vision for integrated tourism development, the world’s adventure capital is rolling out the red carpet, offering global investors a chance to build the future of African tourism.

Source: Victoria Falls courts investors to expand hotel room capacity (29/08/2025)

New Novotel Hotel in Vic Falls Set for Completion in 2028

 French hospitality company, Accor has officially entered the Zimbabwean market, with construction underway on a new Novotel hotel scheduled to open in 2028 at the world-famous Victoria Falls. The 111-key hotel will form part of a broader US$42.4 million mixed-use development in the Eagle Heights precinct, which also includes shops, residential units, and a hospital.

The project, which was announced at the Future Hospitality Summit Africa, marks Accor’s first venture in Zimbabwe and is being developed in partnership with Fidelity Life Assurance’s Eagle Real Estate Investment Trust. Civil works for Phase 1 have already commenced, led by local contractor RadX.

Strategically positioned overlooking the Masuwe River, the Novotel Victoria Falls will blend natural beauty with modern, family-friendly amenities. The hotel will feature an outdoor swimming pool, a kids' club, an all-day dining restaurant, and a destination bar designed to cater to leisure and business travelers alike.

“This signing represents a bold step forward in our development strategy for Sub-Saharan Africa,” said Maya Ziade, Chief Development Officer at Accor. “Victoria Falls is one of the world’s most extraordinary destinations, and we are proud to bring the Novotel brand experience to Zimbabwe for the very first time.”

Victoria Falls, a UNESCO World Heritage Site and one of the Seven Natural Wonders of the World, is a major hub for adventure tourism, attracting thousands of visitors each year for white-water rafting, bungee jumping, and scenic helicopter flights. Known locally as “The Smoke That Thunders,” the destination is increasingly being positioned as a year-round tourism and investment hotspot.

Bevin Ngara, Managing Director of Eagle Asset Managers, which manages the Eagle REIT, said the partnership with Accor is aimed at delivering transformative value. “This project reflects our vision of investing in developments that elevate tourism and deliver value to local communities and investors alike,” he said.

With over 590 hotels across 68 countries, Novotel is known for providing quality accommodation for both business and family travel. The new Victoria Falls property is expected to meet growing demand for international-standard, midscale lodging in one of Africa’s top tourist destinations.

Source: New Novotel Hotel in Vic Falls Set for Completion in 2028 (23/06/2025)

See Also

Victoria Falls Bits and Blogs (8th May 2025) New Vic Falls hotel anchors Fidelity’s new VFEX property fund.

Victoria Falls Bits and Blogs (21st May 2025) US$43million Victoria Falls project takes shape.

Victoria Falls Bits and Blogs (21st June 2025) Accor enters Zimbabwe with Novotel Victoria Falls deal.

Victoria Falls Bits and Blogs (24th June 2025) New Novotel Hotel in Vic Falls Set for Completion in 2028.

Read more on the Keep Victoria Falls Wild website. 

New Vic Falls hotel anchors Fidelity’s new VFEX property fund

 Fidelity Life Asset Management is betting on growing demand for hotel space in Victoria Falls to anchor a new real estate investment fund that will soon debut on the Victoria Falls Stock Exchange (VFEX).

The Eagle REIT, which the company manages, is developing a US$42.4 million complex in Victoria Falls that will include a hotel, shops, homes, and a hospital.

The REIT has already raised US$24.5 million from investors, and nearly US$20 million of that has already been put to work. Next up is a public listing on VFEX with over 35 million shares up for grabs.

The Eagle REIT’s flagship project is a 120-room hotel, to be managed by Novotel, the mid-range brand of France’s Accor group. The complex will also have a 36-bed hospital, a shopping centre, and residential properties. The site is 5km from Victoria Falls town along the Bulawayo road.

Why Vic Falls? Fidelity says there’s a clear gap in the market. The town currently has around 1,568 hotel rooms, but the mid-range offerings are said to be “of very poor quality.” With the closure of the once-popular Kingdom Hotel, the shortfall has only worsened. Even if some hotels reopen, Fidelity argues, their dated designs and massive sizes won’t deliver the intimate experience that many travellers now expect.

There is a “concentration of future supply at the higher end levels, and the poor quality in the midscale segment”, says the fund.

The complex will also feature cluster homes — adding to the five similar developments already completed in Victoria Falls over the past six years, a sign of demand such homes in the town.

Source: New Vic Falls hotel, Mazowe complex anchor Fidelity’s new VFEX property fund (7/5/2025)

Unified Councils Pension Fund seeks US$3m for new hotel

 LOCAL pension fund, Unified Councils Pension Fund (UCPF), intends to raise more than US$3 million through a private placement to build a new hotel in Victoria Falls, NewsDay Business can report. UCPF is a retirement fund that operates prime land in Victoria Falls valued at US$1 million. A prospectus prepared by UCPF financial advisors, Switzview Wealth Management, showed that UCPF intends to raise a total amount of approximately US$2 995 726,40 by way of a private placement. UCPFs proposed investment in a hotel project comes after the Zesa Pension Fund and Cresta Hotels partnered to build a four-star hotel in Victoria Falls through the Mosi-oa-Tunya Real Estate Investment Trust.

“The Unified Councils Pension Fund is a retirement fund operating in Zimbabwe that has prime land in Victoria Falls, valued at US$1 000 000. UCPF is considering investing in a hotel and is inviting prospective investors to participate or co-invest in the project,” the prospectus read.

“UCPF intends to raise a total amount of US$2 995 726,40 by way of a private placement, representing a 49% equity stake in the project.”

The generated funds will be used to build a three-star hotel.

The project has since obtained an environmental impact assessment approval, development permit approval, plan approval, detailed architectural designs, title deeds, property valuation report and the prescribed asset status, among other requirements.

Switzview corporate finance manager Batanai Matsika told NewsDay Business at the Zimbabwe Association of Pension Funds 5th edition of the Principal Officers and Chairman’s Convention in Bulawayo that constructing the three-star hotel would cost US$6,1 million.

“So, because of their cash contribution, which represents 16% of the cost (US$976 000), they would top up the other US$2,1 million and that will give them 51%. So, the other 49% is basically US$3 million that we are capital raising for,” he said.

“That would give investors a 49% share in the hotel. Cresta Hotels will be the operator and will be managing on a long-term basis. It’s going to be a 57-bed hotel. And it has a strategic location. In terms of the projected rate of return, we’re looking at 18,58%, which is a very good rate of return and a payback period of 12,4 years. So everything has been put in place.”

Cresta Hotels already operates six other hotels, which include Cresta Churchill (Bulawayo), Cresta Sprayview (Victoria Falls), Cresta Jameson, Cresta Lodge and Cresta Oasis (all in Harare) as well as the recently opened Rupurara in Masvingo.

Matsika said the fact that the project had prescribed asset status meant insurance companies and other pension funds could also participate or co-invest with UCPF in the development of the project.

“We’re now in the capital raising phase. So, once we secure or we receive commitments, we are hoping to start the project in February and it will take roughly 18 months to complete the whole project, about one and a half years. But from that time, of course, the operator will come through and start to manage,” he said.

“We think there’s a strategic logic to attract like-minded pension funds because this is a project that’s being run by UCPF, so there’s a strategic fit in terms of alignment and all. It would make sense for other pension funds to come in. But any other investor is open.”

Source:  Unified Councils Pension Fund seeks US$3m for new hotel (10/10/2024)

See Also

Victoria Falls Bits and Blogs (12th January 2023) Tourism sector attracts US$300m investment.

Victoria Falls Bits and Blogs (25th May 2024) Multi-million-dollar hotel set for Vic Falls.

Victoria Falls Bits and Blogs (10th October 2024) Another Cresta managed hotel for Vic Falls as UCPF seeks US$2.9m.

Victoria Falls Bits and Blogs (11th October 2024) Unified Councils Pension Fund seeks US$3m for new hotel.

Victoria Falls Bits and Blogs (9th November 2024) Victoria Falls to get two new upmarket hotels.

Read more on the Keep Victoria Falls Wild website.

Another Cresta managed hotel for Vic Falls as UCPF seeks US$2.9m

BULAWAYO – The Unified Councils Pension Fund is looking at raising US$2.9 million through private placement for the construction of a three-star hotel in Victoria Falls, which will be managed by Cresta Hotels.

The UCPF Victoria Falls Hotel is set to be a three-star facility located on a picturesque 1.4-hectare site at stand number 1354 in Victoria Falls, which is next to the site of the ZESA Pension Fund resort, which will also house another Cresta Hotel facility. The sites are near Mbank Manor Capital raising promoter Switzview Asset Management’s Batanai Matsika said Cresta would manage both sites. ZESA PF will raise its fund through a development REIT.

Cresta will manage the hotel, which will operate under a long-term lease agreement. The construction of the hotel is expected to take 18 months, with plans to create a facility that not only enhances the local tourism landscape but also contributes to the economic growth of the region.

With a total development cost estimated at US$6.15 million, the hotel will feature 57 beds, including 52 standard units, three family units, and two luxurious suite units. The project aims to provide modern and efficient hospitality services tailored to meet the needs of both local and international travellers.

The private placement offers investors an equity stake of 49% in the project, with UCPF contributing US$1 million in land and US$2.15 million in cash. This collaborative investment model aims to attract a diverse range of investors looking to capitalize on the growing demand for quality accommodation in Victoria Falls, a UNESCO World Heritage site known for its breathtaking natural beauty and adventure tourism.

“This project represents a significant opportunity for investors to engage in a high-potential hospitality asset in a prime location,” said Matsika. “With the prescribed asset status, we believe this investment will not only yield attractive returns but also contribute positively to the local community and economy.”

The projected rate of return is 18.58%, and the payback period is 12.4 years.

Source: Another Cresta managed hotel for Vic Falls as UCPF seeks US$2.9m (9/10/2024)

See Also

Victoria Falls Bits and Blogs (12th January 2023) Tourism sector attracts US$300m investment.

Victoria Falls Bits and Blogs (25th May 2024) Multi-million-dollar hotel set for Vic Falls.

Victoria Falls Bits and Blogs (10th October 2024) Another Cresta managed hotel for Vic Falls as UCPF seeks US$2.9m.

Victoria Falls Bits and Blogs (11th October 2024) Unified Councils Pension Fund seeks US$3m for new hotel.

Victoria Falls Bits and Blogs (9th November 2024) Victoria Falls to get two new upmarket hotels.

Read more on the Keep Victoria Falls Wild website.

Multi-million-dollar hotel set for Vic Falls

 A NEW hospitality real estate investment trust (REIT) is scheduled to be listed on the Victoria Falls Stock Exchange (VFEX) after Zesa Pension Fund and Cresta Hotels partnered to build a 4-star hotel in Victoria Falls, businessdigest can report.

The project, which is expected to cost US$49 million in total, will be developed under the Mosi-oa-Tunya Real Estate Investment Trust (Mosi REIT), with 24 million units available for private placement at a price of US$1.

The hotel, which will have 180 rooms, conference facilities and other entertainment activities, will be operated by Cresta Hotels on a lease basis.

The project was unveiled on the side-lines of the Zimbabwe Association of Pension Funds 49th annual conference in Victoria Falls last week.

The project's financial advisor, Intellego Investment Consultancy head for corporate advisory services, Owen Namusi said the units will be listed on the VFEX with the sponsor putting in about US$7 million.

"We are offering 24 million units at a unit price of US$1 in this particular price-based exercise. We are targeting to reach US$24 million. We are open to receiving investment subscriptions in ZiG (Zimbabwe Gold)," he said.

"This is, after all, a hospitality tourism-themed real estate investment trust, unlike, other REITs that you may know that may focus on commercial real estate, some that may focus on a mixture of industrial and office space. This REIT's primary target is to really establish a portfolio of hospitality-focused assets.

“So, we are looking at hotels. We are looking at related sort of infrastructure, so you can also potentially have something like a theme park that is set up in a tourist destination, which can also then be part of this REIT going  forward.”

According to Namusi, they intend to expand their portfolio of hospitality assets under the Mosi REIT's umbrella in the future.

The owners of Mosi REIT anticipate receiving rental income as soon as the assets are operationalised.

Under the terms of the REIT model, sponsors and investors will pool their resources to purchase the facility's assets, and Cresta will run it to generate income.

Namusi stated that they expected to have at least seven case players over the next five to 10 years, and they looked forward to having multiple assets come on board on a regular basis.

"We are in the second quarter of 2024. Private placement is opening for commitments and subscription flows. So, probably in the next month or so we will commence actual construction activities on this particular site,” he noted.

“Then we do expect the private placement window to close by the fourth quarter of 2024, and by then, we expect investors who are interested to make their commitments. I think from a logistical point of view, we can do this."

The project is expected to be completed in 2027.

It will draw income from the tourism sector, greatly boosting the investment return and preserve the retirement benefits for members and pensioners.

Cresta Hotels is one of Southern Africa’s leading hotel management groups, operating businesses and resort hotels in Zimbabwe, Botswana and South Africa.

Celebrated leisure hotels in the Group are the Mowana Safari Resort & Spa and Cresta Sprayview in Victoria Falls.

Cresta Marakanelo is the operating company for the 11 Cresta Hotels in Botswana.

Cresta started hotel operations in 1958, when it began running the Jameson Hotel in Harare. Cresta Holdings is a hotel management company registered in Botswana.

Source: Multi-million-dollar hotel set for Vic Falls (24th May 2024)

See Also

Victoria Falls Bits and Blogs (12th January 2023) Tourism sector attracts US$300m investment.

Victoria Falls Bits and Blogs (25th May 2024) Multi-million-dollar hotel set for Vic Falls.

Victoria Falls Bits and Blogs (10th October 2024) Another Cresta managed hotel for Vic Falls as UCPF seeks US$2.9m.

Victoria Falls Bits and Blogs (11th October 2024) Unified Councils Pension Fund seeks US$3m for new hotel.

Victoria Falls Bits and Blogs (9th November 2024) Victoria Falls to get two new upmarket hotels.

Read more on the Keep Victoria Falls Wild website.

 

Vic Falls under fire over irregular land sale

 TOP Victoria Falls City Council officials were this week alleged to have unprocedurally extended payment deadlines for the sale of a US$2,8 million commercial stand to Midlen Investments, which plans to construct a luxurious Arab-themed hotel, the Zimbabwe Independent can exclusively reveal.

Documents gleaned by this newspaper showed that  Victoria Falls City Council on January 8 published a notice for the sale of stand number 1815, which bid was awarded to Midlen at a cost of US$2,8 million.

Terms of the lucrative deal indicate that Midlen was obligated to pay a 30% deposit, amounting to US$840 000 by April 30.

However, investigations by this publication show that the local authority bosses extended the deadline to June 30 without a full council resolution as required.

This was after Midlen had failed to pay its deposit within the required time-frame.

Under such circumstances, as spelt out by local governance dictates, rights awarded to the winning bidder are forfeited if the party fails to meet terms of the agreement.

Subsequently, the second most competitive suitor is given the green light to purchase the property. In the case of the stand in question, the Zimbabwe Stock Exchange-listed leisure giant, Rainbow Tourism Group (RTG) came second, with a US$2,5 million bid.

A company called Hillfonic Investments was vying for the same asset, while MJ Air weighed in with US$2,4 million. As documents show, the balance for the purchase of the land would be serviced within 18 to 24 months after the deposit is paid.

“A Call for Expression of Interest (VFCC/S1815/0124) (the CFEOI) to purchase and develop commercial land being Stand 1815 Victoria Falls (the Investment Property) was made by the City of Victoria Falls on the 8th of January 2024 in terms of Section 152 of the Urban Councils Act (Chapter 29:15),” the documents read in part.

“Midlen Investments (Private) Limited (the Company) participated in the CFEOI and was selected as the winning bidder upon adjudication by the City of Victoria Falls.

“The City of Victoria Falls requires a 30% deposit (US$840 011) for land purchase. The

amount is payable strictly in United States dollars and is due by the 30th of April 2024.

“The balance of US$1 960 026 is to be paid over a period yet to be discussed with the City of Victoria Falls. Indications are that it will be paid over a period of 18 to 24 months in equal quarterly instalments. No interest accrues on the balance,” the documents state.

Midlen managing director Ngonidzashe Manjeru told the Independent that his firm was given the extension to settle the deposit to the Vic Falls City Council.

He did not specify whether the extension was granted by the local authority management or by a full council.

“We are on course for the settlement of the purchase price, we applied for extension of time,” he said this week.

“At this stage I think I have given you enough information. We are not privy to such technicalities and council processes.”

The mayor, Prince Thuso declined to comment on how the decision was made.

He told the Independent: “Council is passionate about development and is on a crusade to lure development to the City of Victoria Falls.”

“Midlen Investments won a bid to develop a hotel in Victoria Falls. More details about the development will be made public as the development unfolds.”

Thuso’s responses were addressing questions posed by the Independent focusing on whether the decision to extend the payment deadline was made by management or a full council. This publication also questioned the mayor on whether a due diligence exercise was conducted on the suitability of Midlen.

A source close to the transaction said management acted unilaterally when it gave Midlen the extension.

“As councillors, we are not aware of any extension, unless the extension was given by management without council resolution,” the source said.

“Management officials extended it without seeking council approval.

No item was ever brought to the attention of council or any of its committees for consideration to vary that standing policy of council.

“It is improper. It is not binding. The second best bid should be given the offer. A bid by a leading hotel group in the country came second though it was dismissed.

“Management tends to offer these tenders to companies owned by dubious characters. They shun big corporations because they do not have room to budget for bribes,” the source told the Independent on condition of anonymity.

Town Clerk Ronnie Dube had not responded to questions posed by the Independent at the time of going to print.

A search at the Companies Registry in the capital shows that Midlen was registered in Bulawayo in 2008 under company number 27006.

Outside the purchase price, Manjeru said Midlen would mobilise US$121 432 347 to build a six-star hotel tailored to attract “high end clientele including those of the Muslim religion”.

“Our bid, which was the highest evaluated bid and the winning bid among the five  bidders was as follows: US$2 800 037 for the purchase of the land and US$121 432 347 for the development of the proposed hotel. The total bid value was US$124 234 382,” he said.

“The proposed hotel construction is going to be funded through investor funds. The proposed hotel is going to be the first six star hotel in Zimbabwe and the first to be Halal compliant, targeting the high-end clientele including those of the Muslim religion.

“The proposed hotel is set to be completed within the next 24 months, all things being equal.”

Documents seen by this publication indicate that Midlen would dispose of 99% of its equity to a financing partner in a transaction valued at US$3,3 million.

As documents show, an evaluation done by Bard Real Estate pegged the value of the asset at US$3,5 million.

“It is proposed that the financing partner subscribes for 99% shareholding in the company for a consideration of US$3 300 037,” excerpts from documents viewed by this publication read.

“The promoters obtained a copy of a valuation report of the investment property by Bard Real Estate, which placed the value of the investment property at US$3 550 000 translating to US$216,95 per square meter.”

If Midlen’s transaction sails through, the outfit claims that it will build a hotel targeting “the princes and the Arabic elites who are used to a high end, luxurious lifestyle, the types that travel in expensive private jets but are strict subscribers to and observers of the Islamic Halal laws”.

Source: Vic Falls under fire over irregular land sale (17/05/24)

Tourism revival exposes Zimbabwe accommodation crisis

 VICTORIA FALLS, (CAJ News) – THE policy by Zimbabwe to attract international conferences to boost tourism is proving a double-edged sword.

While the Meetings, Incentives, Conference and Exhibitions (MICE) policy is bearing fruit, the country’s tourism sector is struggling to meet demand, especially for accommodation.

Last week’s Transform Africa Summit, held in Victoria Falls exposed the deficit.

Around 4 000 delegates from close to 100 countries attended. These included five heads of state and 44 ministers.

The summit ended on Friday, which coincided with the start of the Victoria Falls Carnival, also attracting thousands.

Having several heads of state at the same time in the city proved a challenge in terms of availability of presidential lodgings.

As a result, host president, Emmerson Mnangagwa, and Paul Kagame of Rwanda flew back to Zimbabwe’s capital Harare soon after officiating. Hakainde Hichilema of Zambia drove to Livingstone in his country.

Only Lazarus Chakwera of Malawi and Eswatini’s King Mswati III spent the night in Victoria Falls.

The 4 000 delegates could also not be accommodated in mainstream hotels and lodges. Spillovers especially locals sought accommodation in private homes as shortage of hotel rooms exposed the need to invest in hotel facilities.

Despite being Zimbabwe’s tourism capital and one of the Seven Natural Wonders of the World, Victoria Falls only has two five-star hotels, namely the Victoria Falls Hotel and Palm River Hotel.

Zimbabwe has a total room capacity of just over 6 000 rooms. Victoria Falls has around 2 000 rooms.

Hospitality authorities have said the country needs an estimated 20 000 rooms by 2030 to match tourism growth.

There is also a shortage of conference facilities in Victoria Falls. The biggest conference room at Elephant Hills Hotel takes less than 600 people.

The exit of Kingdom Hotel early in the year exposed the city as the casino conference centre at the facility was the biggest in the city, taking 900 guests.

Farai Chimba, the Hospitality Association of Zimbabwe (HAZ) president, said, “Zimbabwe has a huge deficit of rooms. Current stock remains very low.”

Winnie Muchanyuka, Zimbabwe Tourism Authority (ZTA) chief executive, also expressed concern about the lack of big conference facilities.

Environment, Climate, Tourism and Hospitality Industry Minister, Nqobizitha Mangaliso Ndlovu, said the government is encouraging the private sector to invest in tourism infrastructure.

“We can only see a shortage of rooms in the country and here in Victoria Falls when there is demand for those rooms,” Ndlovu said.

“We need to have a discussion with industry and see how we can increase the number of rooms we are looking at, especially the increasing number of international business conferences that are coming into Zimbabwe and more importantly into Victoria Falls,” Ndlovu added.

Despite the challenge of facilities, the minister welcomed the revival of the MICE sector.

“Zimbabwe is fast becoming a conference destination of choice both locally and internationally,” Ndlovu said.

Source: Tourism revival exposes Zimbabwe accommodation crisis (05/05/23)