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Wednesday 23 June 2021
HomeFeatured NewsZim hotel group plans US$ 300 million African investment

Zim hotel group plans US$ 300 million African investment

Zimbabwean hotel group, Cresta Hospitality, said Wedne sday it planned to invest US$ 300 million in hotels in several African countries in the next few years.

Francis Ngwenya, a director of the hotel group, said some investment deals had a lready been clinched, while others were at the negotiation stage.

He would not, however, give specific investment projects lined up, but said all African regions were being targeted.

Cresta Hospitality is one of Zimbabwe’s largest hotel groups, and already operat es hotels in Botswana, Ghana and Zambia.

In earlier announcements, the group said it was eying business in Nigeria and ne ighbouring countries in West Africa.

In southern Africa, it was targeting countries such as Angola, Mozambique, Namib ia and South Africa.

In its investments, Cresta Hospitality was either buying hotels or being contrac ted to manage hotel properties by their owners.

Ngwenya said current and forecast growth in African tourism had convinced the gr oup to make the investment it planned.

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