IAfrican Sun Limited (ASL), Zimbabwe’s leading hospitality group, has announced June 30, 2025, as the target date for concluding the sale of the iconic Monomotapa Hotel, which is estimated to be worth nearly US$15 million.
The hotel, situated in the heart of Harare’s CBD and currently serving as ASL’s registered head office, has been on the chopping block since 2024 as part of the group’s broader strategy to dispose of non-core assets and boost capital for higher-yield investments.
In its audited financial statements for the year ended December 31, 2024, ASL disclosed that the Monomotapa Hotel was listed under “disposal group assets” valued at a combined US$19.13 million, a category that also included the Great Zimbabwe Hotel and its property-holding subsidiary Laclede Investments.
The Great Zimbabwe Hotel, along with Laclede, was sold last month for US$4.2 million, implying that the remaining US$14.94 million in asset value is largely attributable to the Monomotapa Hotel.
“The group resolved to sell Monomotapa Hotel during the year and has been actively marketing the hotel. The transaction is expected to be completed before 30 June 2025,” ASL confirmed in its financial statement.
The sale of the Monomotapa Hotel comes after a turnaround in performance. The hotel posted a US$883,293 loss in 2023 but bounced back to register a profit after tax of US$88,992 in 2024, supported by a 12% drop in expenses and revenue growth from US$5.59 million to US$6.16 million.
ASL board chairperson Lloyd Mhishi said the divestments were part of a strategic shift to focus on core assets.
“As part of its strategy, the board approved the sale of several non-core assets, and the Great Zimbabwe Hotel and Monomotapa Hotel were earmarked for sale,” Mhishi said.
“After year-end, the sale of the Great Zimbabwe Hotel has been consummated, and ownership was transferred with effect from 1 April 2025.”
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