Hospitality concern, African Sun Limited has placed the Monomotapa Hotel in Harare on the market for sale in line with the company’s strategy to unlock value.
The strategy involves the disposal of a selection of hospitality assets across the country in order to recapitalize the business.
The company will seek shareholder approval of the transaction through the convening of an Extra Ordinary General Meeting (EGM). The company has sold the Great Zimbabwe Hotel and associated hotel business, located in Masvingo for US$4,2 million to the Mewame Family Trust and the Beitbridge Express Hotel in Beitbridge for US$2,7 million to TD Hotels.
The company is expected to put Caribbea Bay on the market at an appropriate time.
The capital raising initiatives are set to allow the company to expedite the refurbishment of several of the portfolio’s primary hotels.
