African Sun has sold the Great Zimbabwe Hotel in Masvingo and the Beitbridge Express Hotel for US$6,9 million (R124 million) to TD Hotels and Leisure, according to Zimbabwean publication, The Herald.
African Sun, which is listed on the Victoria Falls Stock Exchange, said the sale of selected assets, considered not to be essential to the group’s future, was necessary to recapitalise to contribute to refurbishments of its primary hotels.
TD Hotels group owns eight properties in Portugal, Angola and Mozambique, including the Hotel Avenida in Maputo’s CBD.
