Story by Owen Mandovha, Business Reporter
HOTEL occupancy for major hospitality chains has surged in a development that provides a huge impetus to the attainment of a US$5 billion industry by the end of this year.
A statement accompanying the Rainbow Tourism Group’s 2024 financial results shows occupancy levels rose to 54 percent in 2024 compared to 52 percent last year buoyed by a spike in both accommodation and conferencing business segments.
Hospitality Association of Zimbabwe (HAZ) vice president, Mr Farai Chimba, noted that the results show an impressive run after several players endured some COVID-19 induced difficulties.
“A combination of factors have led to this tremendous performance but obviously the subsiding of the COVID-19 pandemic has allowed the industry to boom yet again, coupled with robust government interventions to recover the sector in the aftermath of COVID -19.
“We have also seen hotels investing in massive refurbishments, providing a huge impetus to upgrade hotel infrastructure around the country,” he said.
Major hospitality chains have committed huge capital expenditure in refurbishing their establishments, including the flagship AZAMBEZI River Lodge and Victoria Falls Rainbow Hotel to suit the dynamic tastes of the largely foreign tourism market.
