Listed hotelier, the Rainbow Tourism Group Limited refurbished three of its hotels spending US$1 million in the process.
The company advised stakeholders in its 1st quarter ended 31 March trading update.
The company refurbished the New Ambassador Hotel’s guest rooms including full replacement of furniture and fittings, as well as the upgrading of bathrooms with contemporary fixtures and enhanced amenities, aimed at delivering a refreshed and modern guest experience.
At Victoria Falls Rainbow Hotel, the company completed refurbishment of the remaining 50% of room refurbishments, finalizing the full hotel upgrade.
Guest rooms at A’ Zambezi River Lodge were refreshed and furnishings were updated with lighting and enhanced amenities.
The significant refurbishment is set to place the hotel group among the most sought-after facilities in the country and align to international standards.
Revenue for the period grew by 2% to US$8.7 million from US$8.5 million recorded in the prior year period. Demand for conference facilities spurred the revenue growth. Hotel occupancy was stagnant at 48%.
The company’s tour operations subsidiary, Heritage Expeditions Africa (HExA), continued its growth trajectory, with revenues and activities increasing by 20%. The growth is attributed to a jump in demand for tours around Zimbabwe. The company expects the positive trajectory to persist throughout the year.
Tight monetary policy interventions by the fiscal and monetary authorities had a positive impact on inflation which fell below 1%. The market has reacted positively to the stable environment.
The company has strategically positioned itself to benefit from the continued recovery and growth of leisure tourism in the Victoria Falls market, as well as the expansion of conferencing activity in urban centres.
The company acquired Resort & Conference in the Eastern Highlands.
The outlook remains positive with the company expecting good results buoyed by its diversified hospitality offering and ongoing domestic and regional expansion initiatives in line with the Group’s strategic thrust.
