eBusiness Weekly
Enacy Mapakame
ZPI will add another upmarket hotel facility in the resort town of Victoria Falls as it angles for the anticipated influx of tourist arrivals as well as narrow the deficit in bed capacity.
ZPI managing director Edson Muvingi, said the development of the hotel facility — Lizard Lodge — will commence as soon as the property firm finalises all regulatory requirements with the local authorities in that resort town.
“We have land in Victoria Falls and we will put a 40-bed facility. We have already secured an operator and signed an agreement,” said Muvingi at a media engagement recently in the capital.
“As soon as we are done with local authority regulations, we should start construction,” he said.
The country has a shortage in tourism infrastructure, for instance hotel rooms as well as conference centres with capacity to hold huge numbers and also in line with international standards.
This presents an opportunity for property developers to tap into the tourism industry through the construction of infrastructure that supports the tourism industry.
Experts contend that while the country is endowed with vast natural resources, such as the Big Five and home to one of the Seven Wonders of the World, lack of adequate facilities that support tourism activities across value chains may limit the country from realising its full potential.
According to the Zimbabwe Tourism Authority (ZTA) Zimbabwe as a whole has a shortage of hotels and rooms, and has less room capacity than a portion of Johannesburg — Sandton precisely.
Currently, Victoria Falls’ hotel room capacity stands at 1 128 rooms, while major centres like Harare and Bulawayo have 1 628 and 370 respectively.
But ZPI, joins other firms in enhancing bed capacity in the resort town, which is the country’s premier tourist destination, and declared a special economic zone.
Recently, the country’s largest financial services provider Old Mutual also indicated plans to develop an upmarket hotel and conference centre in the resort town.
The property sector, especially central business district (CBD) office space has been depressed lately due to voids as tenants downsize operations or close shop. Others have migrated to office parks and suburban offices as well as negotiating for downward rental reviews weighing down on the rental income.
Vast opportunities have, however, been identified in office parks, tourism and hospitality infrastructure, shopping malls and student accommodation given the ballooning student population at the country’s universities and other tertiary institutions.
In line with this, ZPI has already made initiatives to tap into the student accommodation and shopping malls business.
The property firm recently opened doors at its Sawanga Shopping Mall in Victoria Falls as well as student accommodation facility in Bulawayo. Among other projects in the pipeline is the Selbourne Park development, also in Bulawayo that will cater for students as well as the Addlyin Townhouses in Harare.
The Sawanga Shopping Complex has changed the complexion of Victoria Falls as a tourist destination as it brings in fusion of traditional flare and modern architecture.
The facility has been overwhelmingly subscribed with tenants still looking for space.
