Zim central bank to decide on planned sale of Meikles Hotel

The planned sale of Zimbabwe’s iconic Meikles Hotel, in Harare was approved by shareholders, but now awaits approval from the country’s central bank.

ASB Hospitality Zimbabwe, a group company of Albwardy Investment LLC of Dubai intends to purchase the Hotel for $20 million.

Meikles Limited executive chairperson John Moxon said while presenting the group’s financial results for the first nine months ended September 30 that the sale of the hotel will avoid the necessity of borrowing for support towards export oriented projects.

Meanwhile, the group’s revenue leaped to $32 million during the period under review from $6 million, a year earlier.

However, Meikles’ room occupancy for the period fell 38% from 45% in the comparative period.