Asian developer Hing Construction will bring a new five-star hotel resort to Lusaka.
The resort with around 150 rooms will be spread over 12 floors and situated on a podium.
The partners believe the project could offer a long-term solution for chains such as Kempinski, Fairmont, Marriott, or Hilton.
Construction is expected to start in August 2023 and will be fully financed through issuing medium-term institutional bonds.
Hotel investment advisor Barrows is providing guidance on the project using its African and Middle Eastern regional experience.
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.”
The rooms are spread over 12 floors and situated on a podium where the other facilities, such as a restaurant, meeting facilities, business center, Wellness, sports facilities and a vertical farm, will be realized.
Parking will be located in the basement.
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.