By 
African Sun Limited (AfSun), a leading hotel asset management firm listed on the Victoria Falls Stock Exchange (VFEX), has agreed to sell the Great Zimbabwe Hotel and associated hotel business to the Mewame Family Trust for US$4.2 million.
According to AfSun, the sale is part of its capital-raising initiatives to refurbish several other hotel properties it owns. “To expedite the refurbishment of several of the portfolio’s primary hotels, the board deemed it necessary to complement capital-raising initiatives by selling selected assets, including The Great Zimbabwe Hotel, which has been a marginal contributor to the profitability of the group over the review period,” the company said in a statement.
By Tari Mudahondo
The Mewame Family Trust, a player in Zimbabwe’s tourism and property development sectors, approached AfSun and opened negotiations for the outright purchase of the business and assets relating to The Great Zimbabwe Hotel. The trust has set its sights on acquiring the hotel, with plans to enhance and expand its existing tourism assets.
“To achieve this goal, the Trust has set its sights on acquiring Great Zimbabwe Hotel, with plans to enhance and expand its existing tourism assets,” reads part of the notice.
The sale agreement, which was executed on January 28, 2025, includes the purchase of the hotel business and associated hotel assets for a consideration of US$1 million as a going concern, and the purchase of the land on which the hotel is situated for US$3.2 million.
The material conditions precedent for the transaction include payment of the full consideration within the agreed periods, completion of a due diligence exercise, and approval from the Competition and Tariff Commission by April 1, 2025.
AfSun manages 10 hotels strategically located throughout Zimbabwe, including the Great Zimbabwe Hotel, which is located in Masvingo. The company has enjoyed a considerable turnaround in fortunes over the past four years post the Covid-19 pandemic, with several changes at the executive level over the same period.
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