Accor Enters Zimbabwean Market with Novotel Victoria Falls

Strategic Insights -

Accor, a global hospitality giant, has announced its entry into the Zimbabwean market with the signing of Novotel Victoria Falls, a landmark hotel development in the UNESCO World Heritage Site and one of the Seven Natural Wonders of the World. The 111-room hotel, set to open in 2028, will be developed under a management agreement with Eagle Real Estate Investment Trust (Eagle REIT), a development-focused REIT targeting premium assets in tourism, hospitality, and residential sectors. This partnership aligns with Zimbabwe's broader tourism recovery strategy under the National Development Strategy 1 (NDS1), which aims to expand tourism infrastructure, diversify offerings, and attract global investment.

Key Takeaways:

  • Accor will open a 111-room Novotel hotel in Victoria Falls, Zimbabwe in 2028, under a management agreement with Eagle Real Estate Investment Trust (Eagle REIT).
  • The hotel will be developed by Eagle REIT, a development-focused REIT focusing on premium assets in tourism, hospitality, and residential sectors.
  • This partnership aligns with Zimbabwe's tourism recovery strategy under the National Development Strategy 1 (NDS1).
  • Eagle REIT is Zimbabwe's first dollar-denominated development REIT, focusing on high-impact real estate assets across the hospitality, healthcare, and residential sectors.
  • The REIT is managed by Eagle Asset Management, a licensed investment manager and a subsidiary of Zimre Holdings Limited.
  • Accor has over 590 hotels globally across 68 countries, with Novotel's debut in Zimbabwe expected to meet rising demand for quality yet accessible accommodation.
  • The investment is expected to bolster destination appeal, job creation, and local economic activity in the years leading to and beyond the hotel's opening.

Statistics:

  • 111-room hotel to be developed in Victoria Falls, Zimbabwe.
  • Opening date set for 2028.
  • Accor has over 590 hotels globally across 68 countries.
  • Eagle REIT is Zimbabwe's first dollar-denominated development REIT.
  • REIT has a focus on high-impact real estate assets across the hospitality, healthcare, and residential sectors.
  • National Development Strategy 1 (NDS1) aims to expand tourism infrastructure, diversify offerings, and attract global investment.

Sources:

  • Accor's press release, signed at the Future Hospitality Summit (FHS) Africa on June 17-19 in Cape Town, South Africa.
  • Eagle Real Estate Investment Trust (Eagle REIT) website.
  • National Development Strategy 1 (NDS1) document.
  • Eagle Asset Management press release.
  • Zimre Holdings Limited website.