RTG Expands Into SA With US$5.6 Million Cape Town ...

RTG Expands Into SA With US$5.6 Million Cape Town Acquisition

Zim Now Writer

Rainbow Tourism Group has taken a bold step beyond Zimbabwe’s borders with the acquisition of a prime commercial property in Cape Town, South Africa, valued at approximately US$5.6 million.

The seven-storey building, situated at Erf 807, 13 Buitengracht Street in Cape Town’s Central Business District, will be converted into a branded hotel under the management of a leading international hospitality operator.

RTG said the deal, executed through its South African subsidiary, Rainbow Tourism Group Proprietary Limited, marks a significant milestone in its long-term growth strategy.

The company aims to diversify revenue streams, strengthen its balance sheet, and establish a stronger presence in regional tourism markets.

The investment represents about 9.3 percent of RTG’s market capitalisation on the Zimbabwe Stock Exchange.

Currently, the company operates seven hotels in Zimbabwe. By branching into South Africa, RTG hopes to avoid overreliance on the domestic market while positioning itself in one of Africa’s most competitive hospitality hubs.

The move comes at a time when other Zimbabwean hotel groups, including Meikles and African Sun, have attempted regional forays with mixed results. RTG, however, believes adaptive reuse and refurbishment of the Cape Town property to international standards will give it a competitive edge.

The company’s board confirmed the acquisition is classified as a Category 3 transaction under ZSE Listings Rules, consistent with its strategy to pursue opportunities in high-potential tourism destinations across Southern Africa.