Harare (New Ziana)-The African Sun Limited (AFSL) has announced the closure of its Kingdom Hotel in Victoria Falls in January next year after failing to agree on leasing terms with the owners of the property.
In July this year, African Sun announced that it had failed to agree on a fresh lease agreement with the owners of the hotel property, First Capital Bank.
The bank reportedly insisted on a two-year lease term while ASL wanted 10 years ‘sufficient to return’ its investment.
In a memorandum to partners, AFSL chief executive Peter Saungweme said the Kingdom Hotel would close for business with effect from January 5 next year.
“Further to the formal announcement which African Sun Limited (African Sun) released to the market on 4 July 2022, we would like to inform you that the Kingdom at Victoria Falls Hotel (“the Hotel”) shall be closing for business with effect from 5 January 2023.
“We would like to thank you for your past business and support over the years and look forward to continuing working with you at our other ten hotels, which include the Victoria Falls Hotel and Elephant Hills Resort and Conference Centre, which are also situated in the city of Victoria Falls,” he said.
African Sun has been operating the Kingdom Hotel since 1997.