African Sun Sells Great Zimbabwe Hotel For US$4.2 Million
African Sun Limited has announced the sale of the Great Zimbabwe Hotel and its associated hotel business to Mewame Family Trust for a total of US$4.2 million, reported Business Times.
The deal follows African Sun’s decision in March 2024 to divest select assets, including the Great Zimbabwe Hotel. After months of negotiations, the agreement was finalised on January 28, 2025.
Under the terms of the transaction, Mewame Family Trust will acquire the 20.4-hectare Mundells Plot A property in Masvingo for US$3.2 million. The hotel business and its assets will be purchased as a going concern for US$1 million.
The sale is contingent upon full payment, due diligence, and regulatory approvals, which are expected to be completed by April 1, 2025.
African Sun, which operates ten hotels across Zimbabwe, is strategically divesting non-core assets to fund upgrades at its primary properties.
Meanwhile, Mewame Family Trust, a key player in tourism and property, aims to expand its hospitality portfolio with this acquisition.
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