A United Arab Emirates-based investment firm, ASB Hospitality, has finalized a $30 million deal to acquire the dormant Kingdom Hotel in Victoria Falls, marking its second major foray into Zimbabwe’s hospitality sector after purchasing Harare’s Meikles Hotel in 2020. The 294-room property, inspired by the architecture of Great Zimbabwe and located minutes from the waterfall, has been closed since early 2023 due to a lease dispute.
The transaction involves the purchase of Makasa Sun (Pvt) Limited, the hotel’s owner, from First Capital Bank and its pension fund. The deal includes a $3 million escrow deposit, with the remaining $27 million payable upon regulatory approval from Zimbabwean authorities.
This investment aligns with the strong recovery of Zimbabwe’s tourism industry, which recorded 1.6 million international arrivals and $1.18 billion in revenue in 2024. It also reflects deepening economic ties between Zimbabwe and the UAE, signaling growing confidence from international investors in the country’s tourism infrastructure and long-term growth potential. The hotel is expected to reopen under a new international brand following the completion of the acquisition.
