African Sun to Delist

 Zimbabwe's African Sun hospitality group is part way through a major restructuring, which includes removing the company from its stock market listing

Listed Zimbabwean hotel group African Sun has opted to delist from the Victoria Falls Stock Exchange, as it restructures its portfolio in the country.

The group is reducing its hotel holdings, in a strategic shift that will see it deliver greater value for shareholders. In future, the business will focus on a smaller, core portfolio of higher quality properties, many of them operating with the benefit of international brands above the door.

Elephant Hills Resort, Victoria Falls

Restructuring the Portfolio

Shareholders are about to approve a further disposal, which will see the company sell its Caribbea Bay Resort in Kariba to the country’s Public Service Pension Fund. The resort will change hands for a price of USD5.65 million, it is reported by local media.

The sale is the latest in a string of disposals of what the company has decided are non-core properties. Among those assets was the Great Zimbabwe Hotel, plus an associated business, Laclede Investments, which yielded USD4.2 million. African Sun also sold the 243 room Monomotapa Hotel which, with an associated land package, to the same public pension fund, returning USD18 million.

The policy of selling down leaves African Sun in early 2026 with a portfolio of seven hotels. The most impressive of these is the Victoria Falls Hotel. With 149 rooms, it sits close to the famous waterfalls and has been operating since 1904. It also holds the Elephant Hills Resort & Conference Center, with 276 rooms, the Hwange Safari Lodge and Troutbeck Resort.

Also within the portfolio are three internationally branded IHG hotels. Largest of these is the Holiday Inn Harare, with 201 rooms, plus the Holiday Inn Bulawayo and Holiday Inn Mutare.

African Sun is well placed to benefit from increasing international visitor numbers in Zimbabwe. African Sun chairman Lloyd Mhishi commented at a recent company presentation: “We anticipate a marked increase in international travel volumes, and a rebound in conference and business tourism driven by strengthened domestic demand.” He noted a more favourable regulatory environment, spurred on by the government’s publication of its tourism and hospitality policy. In addition, the government has been able to reduce the country’s inflation rate, following the rollout of a new official currency, Zimbabwe Gold.

Brands Head to Victoria Falls

Those improving economic conditions have encouraged international hotel brands into the country. And, as a major tourist attraction, the Victoria Falls area is seeing much of the development activity. Radisson Hotel Group has a project under construction to deliver a Park Inn by Radisson resort, while Accor expects to have Novotel Victoria Falls open in early 2028. Singapore’s Lux Collective has signed to add a luxury resort near the Zambezi River.

Not to be left out, IHG has a dual project in the city of Victoria Falls. Due to open in 2027, this will include a 99 room hotel, House of Chinhara, which will list under the group’s Vignette Collection. Later the same year, Six Senses Victoria Falls will complete, offering a bespoke experience with just 57 rooms, featuring tree level lodges for the ultimate connection with nature.

Source: African Sun to Delist (09/03/2026)