African Sun says it is selling off its Holiday Inn portfolio in Zimbabwe as part of a capital-rebalancing strategy to finance the re-acquisition and refurbishment of The Victoria Falls Hotel.

The proposed divestment covers African Sun’s Holiday Inn properties in Harare, Bulawayo, and Mutare.

Proceeds from the sale will directly fund the group’s buyout of Meikles Hospitality’s 50% stake in The Victoria Falls Hotel Partnership, as well as a planned US$11 million refurbishment of the prime resort asset.

Under the proposed timetable, African Sun expects to complete the formal handover of the three Holiday Inn properties on January 1, 2027, following the operational transition of The Victoria Falls Hotel in September 2026.

However, execution of the divestment remains subject to multiple key approvals. The hotelier must secure consent from InterContinental Hotel Group to ensure the ongoing use of the Holiday Inn franchise brand, as well as formal clearance from the NRZ Contributory Pension Fund, which serves as the property landlord for the Harare and Bulawayo locations.

The deal additionally requires regulatory sanction from the Competition and Tariff Commission alongside final institutional approvals.