Pension funds invests in US$8 mln hotel construction
HARARE, Local pension funds have funded the development of an USD8 million luxurious hotel in Victoria Falls, over and above an initial injection of feasibility funding, provided by an international investor as part of the National Tourism Recovery and Growth Strategy.
The Mbano Manor Hotel Victoria Falls which was officially opened on the 6th of August was funded by Hippo Valley and Triangle Pension Funds as well as Standard Chartered Pension Fund and from two Minerva Pension Funds.
Founder and Executive Director of Mbano Manor Hotel, Mati Nyazema said the effort complemented the existing accommodation product in and around Victoria Falls with the aim being to open up new and additional markets for the benefit of the destination and the country.
“We applaud and are grateful for the demonstration of confidence by local institutions. In particular Hippo Valley and Triangle Pension Funds. Additional funding was also obtained from the Standard Chartered Pension Fund, and from two Minerva Pension Funds,” Nyazema said.
The hotel becomes the first luxury boutique hotel conceptualized and developed by a black female Zimbabwean.
Nyazema added that one key trend driving the future of luxury travel is the shift in values from the material to the experiential – rather than saving up to buy luxurious possessions as people are choosing to spend their money on experiences.
“Mbano Manor Hotel is positioning itself to take up this opportunity in Zimbabwe and the region. I have travelled to over 60 countries during my career, and stayed at some of the best signature hotels in the world.
“What you see at Mbano today is the culmination of this experience, yet engineered by an expert design and architectural team to blend with our natural environment. Attention to detail defines the Mbano experience,” she said.
The hotel is comprise of 19 suites, including a masterpiece Forest Villa with support services include reception, lounge, bar, back of house, kitchen and swimming pool, in a teak forest setting adjacent to Zambezi National Park.