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RAINBOW Tourism Group (RTG) says its resort hotels are now approaching the traditional first quarter pre-Covid-19 pandemic of 38 percent having attained a 35 percent occupancy level in the quarter ended March 31, 2023.
The hospitality group’s overall occupancy level in the quarter under review was 43 percent.
“City hotels continue to drive activities for the group mainly through conferencing activities while resort hotels, which are predominantly located in Victoria Falls, have shown a strong post-Covid-19 recovery.
“Resort hotels are now approaching the traditional first quarter pre-Covid-19 pandemic average levels of 38 percent, having achieved an occupancy of 35 percent during the first quarter.
“These occupancy levels are expected to increase as the year progresses,” said RTG in its trading update for the quarter under review.
Inflation-adjusted revenues grew by 123 percent to $5,8 billion from $2,6 billion reported in the same period in 2022.
The actual foreign currency revenues grew by 115 percent when compared to the same period in 2022.
RTG said its tech division, Gateway Stream, registered increased business activities, driven by Gateway Stream Media and online shopping channels.
The Gateway Steam platform continued to witness exponential growth in activities during the period under review complementing the hotels revenue generation.
“The group’s tour operations division, Heritage Expeditions Africa, increased its business volumes by 368 percent, owing to increased activity uptake around the country,” said the hospitality group.
On the outlook, RTG hopes the second quarter will continue registering a significant growth in revenue ahead of the prior quarter.
“The group is set to benefit from increased activities in the tourism industry mainly driven by the Government and non-governmental organisations sector.
“The return of regional and international tourism coupled with pre-selection business is expected to boost the group’s prospects going forward,” it said.
The contribution from the group’s tour operations and tech subsidiaries is expected to increase and positively impact overall RTG’s revenue.”
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