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The expansion project is expected to be complete at the end of 2015 provided the 49 percent stake gets taken up by investors. Mr Margolis said they have identified two prospective foreign buyers for the shares. The resort has a restaurant and bar, four separate gazebos, conference rooms and two small dams for fish farming.
MARGOLIS Holdings Ltd is looking for prospective local and foreign investors who can take up 49 percent of Stephen Margolis Resort shares in order to raise capital for its expansion project, a company official has said.
The company is looking at raising US$6 million from the sale of the Harare South property. The site is near Boka Tobacco Auction Floors.
Speaking to The Herald Business yesterday, the company’s chief executive Mr Stephen Margolis said selling the stake would ensure the completion of the expansion project at the site.
“We want to sell 49 percent of our shares to interested investors.
We started the project in 2010 and we have covered a lot of ground to date. Some of the areas are now functional.
“The casino section is being offered to investors as a joint venture or on a full lease of the casino premises and its operating license,” he said.
Mr Margolis added that the 100 room hotel, which is being built on 25 hectares of land, is available for purchase at a minimum investment of a 5 percent joint venture.
The expansion project is expected to be complete at the end of 2015 provided the 49 percent stake gets taken up by investors.
Mr Margolis said they have identified two prospective foreign buyers for the shares who they are in negotiations with.
The resort has a restaurant and bar, four separate gazebos, conference rooms and two small dams for fish farming.
It is located in a serene setting with indigenous wild fruit trees and a beautifully landscaped garden.
The private reserve is electrically fenced and has street lighting and 24 hours mobile security response teams for maximum guest protection.
The resort has 16 hectares of land available which can be used for a golf course development and can be fully purchased or acquired on a long-term lease.
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