Abel Ndooka
Michael Tome
Business Reporter
EMERGED Railways Properties ERP, which owns The Victoria Falls Hotel, has dismissed rumours regarding the alleged disposal of the iconic hotel property.
The rumour suggested that The Victoria Falls Hotel had been sold, a claim ERP has dismissed as inaccurate.
Unconfirmed reports claimed that Malcolm Mycroft, former chief executive officer (CEO) of Meikles Limited, may have clandestinely signed a Memorandum of Understanding with Albwardy Investments, for the sale of the company’s stake in the Victoria Falls Hotel.
Albwardy Investments is a diversified investment firm based in the United Arab Emirates (UAE),
The reports alleged that Mr Mycroft undertook this action without consulting the company’s board of directors or the other stakeholders involved in the hotel’s ownership.
This comes after Albwardy Investments had acquired The Meikles Hotel in 2019 and rebranded to Hyatt Regency The Meikles Harare.
In a joint statement, ERP said it would continue its business relationship with Meikles Limited and African Sun Limited, which are the hotel’s lessees and operators.
ERP said The Victoria Falls Hotel remained under its ownership, and that the existing lease arrangement with the current partners would persist.
Furthermore, ERP assured stakeholders that the partnership was dedicated to upholding the hotel’s prominent status as a premier destination.
According to ERP, its commitment includes a greater focus on operational excellence and the preservation of the hotel’s historical significance, which plays a vital role in supporting the tourism sectors of both Zambia and Zimbabwe.
“Contrary to recent media reports stating that The Victoria Falls Hotel had been disposed of, we, the ERP and the Partnership with Meikles Limited, together with African Sun Limited (“The Partnership”) lessees and operators of the hotel, would like to state that this position is inaccurate.
“The hotel remains the property of the ERP, and the lease relationship between ERP and the Partnership is intact and will be ongoing for the foreseeable future.
“The ERP and The Partnership remain committed to maintaining the hotel’s iconic status, ensuring operational excellence, and preserving the historical significance of this heritage property, which supports both Zambia and Zimbabwe’s tourism sectors,” said ERP in a joint statement with Meikles and African Sun.
ERP is jointly owned by Zimbabwe and Zambia through their respective railway companies, namely National Railways of Zimbabwe (NRZ) and Zambia Railways Limited (ZRL).
ERP reaffirmed its dedication to maintaining transparency and providing accurate information pertaining to the hotel’s future.
The Meikles Limited name transcends across the hotel industry, supermarket retail, commercial property and security services industries.
The company is listed on the Zimbabwe Stock Exchange.
African Sun is Zimbabwe’s leading hotel asset management company with a portfolio of hotels the group says is unparalleled in variety, location, and size
The group says its fine mix of select hotels, including internationally recognised brands, some of which have achieved world status amongst the “Top 100 Hotels in the World” makes leisure, business, conferencing and incentives its specialty.
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