A Zimbabwean hotel group said Monday it was in talks to buy two hotels in Zambia for an undisclosed amount.
Rainbow Tourism Group said it was negotiating to buy the 156-room Savoy Hotel in Ndola, and Edinburgh Hotel in Kitwe.
The group is currently managing the hotels, and said it now wanted to buy them outright to take advantage of the resurgence of Zambia’s copper-based economy.
An official said while the group has secured some management contracts, plans were at an advanced stage to buy the two businesses.
“Valuations are underway,” said an official who requested anonymity.
Savoy Hotel is a 156 roomed three-star hotel with conference facilities while Edinburgh Hotel is a 76 roomed two three star hotel.
Many of Zimbabwe’s big hotel groups, seeking to hedge against a faltering econom y at home, have in recent years branched out to neighbouring countries.