ASB Hospitality Invests US$30 Million To Revive Iconic Kingdom Hotel In Victoria Falls
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Dubai-based hotel owner ASB Hospitality has made its second major investment in Zimbabwe with the US$30 million (R490,7 million) acquisition of the Kingdom Hotel in Victoria Falls.
The 294-room property was one Victoria Falls’ largest hotels before the closure of operations at the start of 2023 due to the collapse of lease negotiations between owners First Capital Bank and the long-time operator of the hotel African Sun Limited.
An acquisition agreement was reached between First Capital and ASB Hospitality in November last year although completion of the transaction remains subject to regulatory approvals.
ASB Hospitality plans to revive and reopen the hotel likely under a new brand and upgraded positioning targeted at luxury and international tourism hotels. The group’s current portfolio includes properties operated by Four Seasons, Hyatt and Meliá.
In 2020, the group completed the US$20 million (R327 million) acquisition of the Meikles Hotel in Harare, which was renovated and rebranded as a Hyatt Regency property in 2024.
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