Asian developer Hing Construction is to bring a new five-star hotel resort to the Zambian capital, Lusaka.
Hotel investment advisor Barrows is providing guidance on the project using its African and Middle Eastern regional experience.
Raising funding
Both parties have signed into a capital acquisition agreement for the realisation of this project with a total project value of $110 million.
Barrows CEO Erwin Jager detailed: “Barrows will raise the funding within its institutional network of hedge funds and retirement funds. Both parties are focused on large scale hotel developments in West and Central Africa.”
Full facilities
The resort’s circa 150 rooms will be spread over 12 floors and situated on a podium where the other facilities, such as a restaurant, meeting facilities, business centre, wellness, sports facilities and a vertical farm, will be realised. Parking will be located in the basement.
Construction is expected to start in August 2023 and will be fully financed through issuing institutional medium-term bonds. The partners believe the project could offer a long-term solution for chains such as Kempinski, Fairmont, Marriott, or Hilton.
Regional order book
Barrows has an order book with a total value of over $600 million. The firm is responsible for major hotel developments, refurbishments, financial acquisitions and restructuring projects in the industry.
Jager added: “The excellent financial and operational results confirm the solidity of our company’s development project in line with the company’s five year guidance. We continue with exciting opportunities and strong commercial commitment for all our projects in exciting locations.”
Other Zambian hotel projects underway include two Radisson Hotel Group sites: the 200-key Radisson Blu Mosi-oa-Tunya Livingstone Resort arriving before the end of this year, and Park Inn by Radisson Lusaka Longacres, bringing 135 keys to the country’s capital this year too.
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