African Sun Puts Caribbea Bay Hotel on the Market

Oscar J Jeke - Zim Now Reporter

Zimbabwe’s largest hospitality group, African Sun Limited, has confirmed it is selling its Caribbea Bay Resort in Kariba, expanding a wave of hotel disposals aimed at unlocking capital for upgrades to its remaining portfolio.

The announcement follows the group’s earlier disposal of the Great Zimbabwe Hotel for US$4.2 million and the planned sale of Monomotapa Hotel in Harare and its Beitbridge Express Hotel. In a cautionary statement released on May 23, 2025, African Sun said the Caribbea Bay Resort will be included in the transaction, which will be classified as a “Category 1 transaction” under Zimbabwe Stock Exchange rules.

“The negotiations are successful, and will constitute a ‘Category 1’ transaction, accordingly, the Company will be required to seek the approval of its shareholders at an Extraordinary General Meeting to be convened in due course,” said Company Secretary and Governance Executive, V.T. Musimbe, in the notice.

African Sun currently owns seven hotels and leases three more. The asset sales are part of a broader strategic shift aimed at consolidating operations and improving service quality at its core properties.

Proceeds from the hotel sales will be reinvested into refurbishing key assets, the company said, though it did not disclose the expected value of the Caribbea Bay deal.

In addition to property disposals, African Sun is reportedly pursuing full control of the Victoria Falls Hotel, one of Zimbabwe’s flagship tourism establishments. The hotel is currently operated as a 50/50 joint venture with Meikles Limited, but African Sun is understood to be in talks to buy out its partner’s stake.

Investors have been advised to continue exercising caution when trading in the company’s shares until the conclusion of ongoing negotiations, African Sun said.

The developments come at a time when Zimbabwe’s tourism sector is rebounding from the effects of the COVID-19 pandemic, with domestic and regional travel gradually increasing.

African Sun is listed on the Zimbabwe Stock Exchange and operates properties under both its own brand and franchises like Holiday Inn.