Golfview Hotel Goes For $3m
CRESTA Marakarero Hotel of Botswana has bought Golfview Hotel in Zambia for about US$3 million
The company, which is an investment arm of the Ministry of Trade and Industry in Botswana, has officially taken over the operations of Cresta Golfview Hotel in Zambia.
Cresta Marakanero managing director Tawanda Makaya says the move is designed to expand the Cresta brand across the Southern African Development 
Community (SADC) region and develop the hospitality industry in Zambia.
Mr Makaya says Zambia’s friendly business environment compelled Cresta to consider the country as a viable investment destination.
“We believe that we will operate effectively in Zambia because of the economy which is expected to grow by 8 percent in the next five years and the inflation hovering at 6 to 6.5 percent,” he said.
He said this at the re-launch of the Cresta Golfview Hotel in Lusaka.
Mr Makaya said plans are underway to expand on the Copperbelt in the last quarter of 2013.
“Prospects of our business are growing as we have been in the hospitality industry for 35 years, .we will continue to grow in other areas like the Copperbelt ,”he said.
Meanwhile Deputy Minister of Commerce, Trade and Industry Keith Mukata said intra-regional investment in the hospitality industry has been minimal with only few African countries investing in the sector.
Mr Mukata said the current bed-space in Zambia is below the optimum requirement with a bed capacity of approximately 1,500 compared to other countries in the region.
“The requirement for accommodation at all levels ranges from five-star hospitality to backpacker standard. Given the fact that the current bed-space in Zambia is far much below the optimum requirements, I urge Cresta Group to consider increasing their investment in the sector,” he said.
He said that there is need to invest in Zambia’s historical sites which have remained unexploited over the years to enhance the tourism industry in Zambia.
He said other investment opportunities in Zambia included water-related tourist activities, transport service, adventure enterprises, game- ranching and ethno tourism.
“Government will continue supporting initiatives that seek to promote the growth of Zambian businesses and their partnership not only in Zambia but also abroad,” he said.
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