United Arab Emirates-based ASB Hospitality has deepened its investment in Zimbabwe’s tourism sector after completing a US$30 million acquisition of Makasa Sun (Private) Limited, signalling renewed foreign investor confidence in the country’s hospitality industry.
The transaction, confirmed this week by First Capital Bank, gives ASB full ownership of Makasa Sun, whose sole asset is the Kingdom Hotel in Victoria Falls.
First Capital Bank, which previously held a 50 percent stake alongside the Barclays Pension Fund, said the deal had been finalised, leading to the withdrawal of a long-standing cautionary statement to shareholders.
The acquisition represents ASB’s second major hospitality investment in Zimbabwe following its 2019 purchase of the Hyatt Regency Harare The Meikles, one of the country’s most recognisable hotel properties. The Harare hotel has since undergone rebranding and refurbishment, reflecting the group’s strategy of acquiring premium assets with redevelopment potential.
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The Kingdom Hotel, once a flagship establishment in Victoria Falls, has remained closed since early 2023 after a lease dispute between its owners and former operator African Sun Limited. Its closure created a noticeable gap in the resort town’s mid- to upper-scale accommodation market.
Industry observers expect the reopening of the property under new ownership to increase room capacity and support Victoria Falls’ continued recovery in international tourist arrivals.
ASB’s growing footprint comes as Zimbabwe’s tourism sector shows signs of rebound, driven largely by rising global interest in Victoria Falls as a destination and the sector’s role as a key foreign currency earner.
With 100 percent ownership of Makasa Sun, ASB now has full control to rebrand, refurbish and reposition the property, although timelines for reopening have not yet been disclosed.
Market analysts anticipate the investor will draw on lessons from the Harare redevelopment to accelerate the revival of the Victoria Falls asset.
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