Published: 24 June 2025

Leading hospitality group African Sun Limited (ASL) has confirmed its ongoing strategy to divest non-core assets, unlocking potential to enhance activity and investment in its high-performing hotel units.

Presenting the 2024 annual report, ASL Chief Executive Officer Laurie Ward emphasized that the company is committed to optimizing its portfolio by focusing on a smaller, more profitable selection of properties that prioritize quality and guest experience.

"There is no going back on the disposal of large outfits which are not delivering desired returns," Ward stated. "Our strategy centres on divesting non-core assets and concentrating resources on high-performing hotels in prime locations. This vision will continue to gain momentum into 2025."

Ward highlighted that streamlining operations and raising service standards will enable African Sun to provide consistent guest experiences aligned with evolving expectations. The refocused approach will also allow for greater investment in innovative technologies and sustainability initiatives.

In line with this strategy, African Sun has sold the Great Zimbabwe Hotel and plans to dispose of Monomotapa Hotel and Caribbea Bay Resort. Proceeds from these sales will be directed towards refurbishing remaining portfolio properties and funding the development of phase two of the Marlborough Sunset Views residential stands.

For the 2024 financial year, the group's top three revenue contributors were Elephant Hills Resort and Conference Centre, Holiday Inn Harare, and Holiday Inn Bulawayo, collectively accounting for 54% of total revenue.

The group's hospitality portfolio recorded an annual occupancy rate of 59% in 2024, marking a 7% increase from 55% in 2023, and translating into nearly 15,854 additional room nights sold.

Ward also noted that the three InterContinental Hotels Group (IHG) branded properties — Holiday Inn Harare, Holiday Inn Bulawayo, and Holiday Inn Mutare — fully complied with IHG brand standards after passing compliance audits in 2024. Additionally, leases for Holiday Inn Harare and Holiday Inn Bulawayo were extended for an additional 20 years.

"With these developments, African Sun is well-positioned to deliver sustainable growth and improved guest experiences in the coming years," Ward concluded.
- newzimbabwe

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