African Sun lists Monomotapa Hotel for sale

ZIMBABWE – Hospitality group African Sun has announced plans to sell Monomotapa Hotel, urging shareholders to exercise caution when trading the company’s stocks during the process.

Recognized for its distinctive architecture inspired by the ancient Kingdom of Monomotapa, the Monomotapa Hotel remains one of Harare’s most iconic landmarks.

Overlooking the Harare Gardens, the luxury property has long been a hub for dignitaries, corporate travelers, and tourists, cementing its place in Zimbabwe’s hospitality landscape. 

In a significant strategic shift, African Sun Limited has decided to list the Monomotapa Hotel for sale. This bold move aligns with the company’s ongoing efforts to unlock value through asset restructuring. 

A statement from African Sun read, “Following cautionary announcements on 10 September, 11 October, 4 November, and 3 December 2024, shareholders and the public are advised that negotiations for the disposal of selected hospitality assets are ongoing.”

“As part of this strategy, the Monomotapa Hotel has been placed on the market.” 

The company emphasized that any finalized deal would require shareholder approval at an Extraordinary General Meeting, yet to be scheduled.

Stakeholders have been urged to exercise caution when trading company securities during this process. 

This decision follows a precedent set in 2023 when African Sun reversed plans to sell the Beitbridge Express Hotel and Great Zimbabwe Hotel in Masvingo to TD Hotels & Leisure (Private) Limited for a combined US$6.9 million.

The company later announced the termination of agreements concerning the sale of these assets, classified as Category Three transactions. 

Previously, the group explained that selling certain properties was intended to free up capital by offloading non-core assets.

However, the decision to retain the Great Zimbabwe and Beitbridge hotels reflects the fluidity of its strategic direction. 

African Sun currently operates ten hotels across Zimbabwe, seven of which are owned, including the Monomotapa Hotel, Holiday Inn Mutare, Troutbeck Resort, Elephant Hills Resort and Conference Centre, Hwange Safari Lodge, Great Zimbabwe Hotel, and Caribbean Bay Resort.

The group also leases three properties: Holiday Inn Harare, Holiday Inn Bulawayo, and The Victoria Falls Hotel. 

By placing the Monomotapa Hotel on the market, African Sun underscores its commitment to adapting its portfolio to meet evolving business goals while maintaining a strong presence in Zimbabwe’s hospitality sector. 

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