African Sun Gains 100 Percent Control of Victoria Falls Hotel

THE largest hotel firm in Zimbabwe, African Sun, has gained total control of the Victoria Falls Hotels following the purchase of the remaining 50% stake in the asset held by Meikles. Also known as the Grand Old Lady of the Falls, the hotel was built in 1904 and is the oldest, most iconic resort in the region, operating as a member of The Leading Hotels of the World. It is the only hotel featuring a private, 10-minute footpath that leads guests directly to the entrance of Victoria Falls. Since 1998, the asset was run as a 50/50 joint venture partnership with Meikles Hospitality (Private) Limited. In a statement, Meikles said the board climbed down on its initial plans to retain interests in the asset after accepting African Sun's offer. Follow us on WhatsApp | LinkedIn for the latest headlines "The Company had initially resolved to retain the operation as part of continuing operations, but subsequently received and accepted an offer from its joint venture partner to acquire its interest in the Partnership," Meikles said. African Sun already manages a sound portfolio of the country's leading hospitality assets such as the Elephant Hills Resort, Hwange Safari Lodge, Troutbeck Resort in Nyanga and the Holiday Inn hotels. The hospitality group recently disposed of the Great Zimbabwe Hotel, Monomotapa Hotel and Caribbea Bay Resort to create space to focus on strategic properties. On its part, Meikles aims to deepen its focus on retail, consumer operations, supermarkets, and agricultural interests, with management perceiving the latest transaction as a way to clean up and simplify its group structure. Read the original article on New Zimbabwe . AllAfrica publishes around 600 reports a day from more than 90 news organizations and over 500 other institutions and individuals , representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica . To address comments or complaints, please Contact us . AllAfrica is a voice of, by and about Africa - aggregating, producing and distributing 600 news and information items daily from over 90 African news organizations and our own reporters to an African and global public. We operate from Cape Town, Dakar, Abuja, Johannesburg, Nairobi and Washington DC. Get the latest in African news delivered straight to your inbox By submitting above, you agree to our privacy policy . We need to confirm your email address. To complete the process, please follow the instructions in the email we just sent you. There was a problem processing your submission. Please try again later.