Story by Stanley James, Business Editor
UNITED Arab Emirates (UAE)-based Albwardy Investments, the owner of Hyatt Regency Meikles Hotel, is looking to increase its investment in Zimbabwe’s hospitality industry.
Almost a year after acquiring the iconic Meikles Hotel under the Hyatt Regency brand, the multinational firm has identified viable opportunities for further growth in Zimbabwe.
A recent tour of the refurbished facilities at the hotel highlighted Albwardy Investments’ commitment to supporting the government’s goal of expanding national hotel room availability from over 6 000 to 20 000 in the next five years.
“As we take stock of what has happened since last year, the investor is actually willing to further scale up investment portfolios in Zimbabwe’s tourism industry riding on the growth trajectory and milestones in terms of the refurbishments that have been done. Given the capital outlay of the project, there is a greater scope of expanding projects in the overall tourism sector,” Hyatt Regency General Manager, Mr Tinashe Munjoma said.
Increased global investor interest is expected to facilitate Zimbabwe’s tourism industry growth.
“A lot is being made in terms of commitment by local and external investors in taking the current challenges into opportunities by injecting more funds thereby unlocking value for the shareholders. The massive investments that you are seeing are a testimony of long-term commitments to continue operating in Zimbabwe while ensuring that the nation benefits,” Tourism Consultant, Mr Stan Higgins said.
The government says projects by global investors are an endorsement of the Second Republic’s measures on Zimbabwe as a viable and safe destination.
“The ability of the tourism sector in terms of attracting fresh investments remains a key priority. Going forward, the sector will be focusing on strategic goals of enhancing its attractiveness to the global investors, therefore the government is definitely committed to creating a favourable operating climate for the investors,” the Deputy Minister of Tourism and Hospitality Industry, Honourable Tongai Mnangagwa said.
The UAE-based holding company paid US$20 million to acquire the historic hotel asset in Zimbabwe.
