dyton mupawaenda
Business Reporter
Construction of the Radisson-managed aparthotel at Millennium Heights in Harare will start next week, marking the commencement of the mega project expected to have a significant positive impact on accommodation in the capital city.
Unlike standard hotel rooms, which can feel cramped, especially for longer stays, aparthotels offer much more room to relax and move around.
Radisson Hotels is a multi-brand hotel chain with a worldwide presence. Its brands include several using the Radisson name, as well as other brands like Park Plaza Hotels & Resorts and Country Inn & Suites.
In June 2022, Radisson Hotel Group agreed to sell Radisson Hotels Americas (consisting of the Radisson franchise agreements, operations and intellectual property in the United States, Canada, Latin America and the Caribbean) to Choice Hotels for US$675 million.
The deal closed on August 11, 2022.
Radisson Hotel Group continues to own the brands in the rest of the world.
The ground-breaking ceremony for the aparthotel, slated to take place on Wednesday morning next week, marks the first tangible step in the development of this upscale accommodation facility, as construction will start soon after.
The upcoming event serves as a pivotal moment for the Radisson brand and its entry into the lucrative Millennium Heights real estate market, signalling the beginning of a new era for hospitality in the country.
With the turning of the first spadeful of soil, the much-anticipated Radisson aparthotel project roars from sketches on paper into reality.
Several Government ministers have been invited to witness the game-changing event, where top executives from the Radisson group will be in attendance.
The aparthotel becomes the first such development in a mixed-use development, bringing into play the WestProp theme of live, work, shop and play.
Construction follows the successful introduction of the Seatrite 5 Trust REIT Investment Opportunity and the announcement of the management deal with the Radisson Group, a renowned international hospitality brand.
Shares for the aparthotel are already selling through Nhoro Asset Management Pvt Ltd, offering clients unit ownership in the Radisson-serviced apartments, allowing investors to part-own the internationally branded aparthotel.
WestProp chief executive officer and founder, Mr Ken Sharpe, is upbeat about the offering.
“We are proud to bring this innovative investment opportunity to the market,” he said. “The Aparthotel REIT offers a unique combination of affordability, capital growth and guaranteed rental income, making it an attractive option for investors seeking a low-entry, asset-backed investment.”
Located in the secure, premium residential area of Borrowdale West, Millennium Heights Aparthotel promises to deliver a luxurious living experience, complete with hotel-style amenities such as a gym, swimming pool, restaurant and concierge services.
“We believe that this investment will not only provide strong returns, but also contribute to the growth and development of Zimbabwe’s tourism and hospitality sector,” added Mr Sharpe.
With an affordable entry point of US$500 per unit, investors can expect regular investment appreciation, with revaluations occurring every six months during the construction period.
Upon listing on the Victoria Falls Stock Exchange, market valuation will apply, providing transparent and market-driven valuations.
The aparthotel is expected to be operational by the end of 2026, with a guaranteed 8 percent yield and potential for double-digit returns.
All operational costs will be covered by rental income, ensuring a hassle-free investment experience.
Online Reporter