Zimbabwe’s Rainbow Tourism Group (RTG) is entering the South African hospitality market through the acquisition of a commercial property in Cape Town for approximately $5.6 million (nearly R100 million). The company plans to convert the seven-story building on Buitengracht Street into a branded hotel under a leading international operator.
The acquisition aligns with RTG’s strategy to pursue growth opportunities beyond Zimbabwe. The company is in advanced discussions with a global hotel brand to manage the property, aiming to drive skills transfer, operational efficiency, and elevate the RTG brand internationally. The property’s prime location near key attractions like the V&A Waterfront and the Cape Town International Convention Centre positions it to attract both business and leisure travelers.
RTG has secured a $6 million loan facility from a Zimbabwean financial institution at a fixed interest rate of 12.5% to finance the acquisition and redevelopment. This expansion is expected to diversify RTG’s revenue streams and establish its footprint in one of Africa’s most competitive tourism markets.
