- Rainbow Tourism Group (RTG) has acquired Montclair Hotel and Casino for US$5 million
- The acquisition expands RTG's portfolio to 7 properties
- The deal is subject to various conditions precedent and is expected to be completed in the short term
Harare- Rainbow Tourism Group Limited (RTG), the second-largest hotelier group in Zimbabwe, has entered into a definitive agreement to acquire Nyanga's Montclair Hotel and Casino for US$5 million.
The acquisition, which is subject to the fulfillment of various conditions precedent, will see RTG expand its portfolio of hotels to seven, further entrenching its position as a leading player in Zimbabwe's hospitality sector.
According to RTG, the acquisition is expected to be value-accretive, with the company anticipating significant synergies and cost savings from the integration of Montclair Hotel and Casino into its existing operations.
RTG's strategic move is also expected to enhance its competitiveness in the market, particularly given the growing demand for hospitality services in Zimbabwe.
The company's existing portfolio of six hotels recorded an occupancy rate of 52% in the first half of 2024, indicating a strong demand for its services.
NSSA is the largest shareholder for RTG.
The transaction is expected to be completed in the short term, subject to the fulfillment of the conditions precedent.
Once completed, the acquisition is expected to contribute significantly to RTG's revenue and profitability, driving long-term value creation for shareholders.
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