Zimbabwe Stock Exchange listed leisure chain, Rainbow Tourism Group (RTG), has inked a strategic joint venture partnership with Grand Metropolitan Hotels (GMH), a Swiss based firm with interests in the industry.
The deal was announced during the ongoing World Travel Market Africa by the two companies.
The agreement involves the identification of hotels in strategic growth areas in Africa for management contracts.
“Through joint marketing efforts and cross-promotion, the partnership will help to showcase African destinations to a global audience,” Martin Smura, board chairman and president for GMH, said.
“GMH’s international network and marketing capabilities will support RTG in promoting African countries as attractive tourist and business travel destinations, further driving growth and attracting investment. This partnership will not only benefit RTG and GMH, but will create job opportunities across various sectors, including accommodation, food and beverages, tourism services, and more. Africa has the fastest growing population, which is projected to reach 2,5 billion by 2050, leading to increased domestic tourism and travel spending. This long-term growth potential can make hotel investments attractive for those seeking sustained returns over time. We see a real opportunity for GMH” Smura added.
Tendai Madziwanyika, group chief executive officer at RTG, said: “This partnership with GMH is a significant milestone. As RTG we intend to leverage the capabilities of world leaders in the industry. This partnership will not only benefit Zimbabwe, but the entire continent. Overall, the strategic joint venture partnership between RTG and GMH has the potential to bring about positive developments in Africa’s hospitality industry. It has the potential to drive economic growth, enhance service quality, promote African destinations, and create a favourable environment for investment and employment”.
RTG, which trades its stock on the Zimbabwe Stock Exchange (ZSE) announced yesterday it would be rekindling its African ambition, as part of the deal with Swiss based Grand Metropolitan Hotels (GMH) BV.
The deal will market RTG’s return to African markets.
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RTG had interest in the Democratic Republic of Congo and Mozambique before it pulled out to concentrate on the domestic market during a turnaround programme that ended a few years ago.
