African Sun plans to secure international hotel brands to manage some of its properties once planned renovations are complete.
The company is also closely monitoring whether Meikles Limited, its 50-50 partner in the Victoria Falls Hotel business, will sell its stake, and has prepared an offer.
In February, African Sun sold the Great Zimbabwe Hotel for US$4.2 million and has since listed the iconic Monomotapa Hotel for sale. Proceeds from these sales will be used to upgrade its remaining properties, including Holiday Inn hotels and Troutbeck Resort in Nyanga. The company has already completed renovations at Hwange Safari Lodge.
Work on Elephant Hills is set to begin in the third quarter of 2025, while plans for the refurbishment of the Victoria Falls Hotel are being assessed by Emerged Railways Properties, which owns the historic building.
Meikles and African Sun jointly run the Victoria Falls Hotel. Meikles is reportedly considering selling its interest in the Victoria Falls Hotel to Albwardy Investments, the Dubai firm that acquired Meikles Hotel five years ago. The planned sale was at the centre of a boardroom row at Meikles last year, with some former board members accusing chairman John Moxon of pushing the deal without consulting African Sun.
African Sun has made what it describes as a “compelling offer” to acquire Meikles’ stake in the hotel, according to commercial executive Leon Rugara.
In the third quarter of 2024, African Sun reported revenue of US$18.1 million, 24% up from the same period in 2023. Year-to-date revenue reached US$43.7 million, an 18% growth. This performance was primarily driven by higher occupancy rates, with domestic tourism—carried by conferences—making up 70% of the company’s business.
