Staff reporter
Rainbow Tourism Group (RTG) has solidified its position as a leading player through a series of impressive achievements. Bolstered by a substantial 55 percent surge in hotel revenues, soaring from US$5.5 million to US$8.4 million year-over-year, RTG has demonstrated remarkable resilience and growth.
Listed on the Zimbabwe Stock Exchange(ZSE) with the National Social Security Authority (NSSA) as its major shareholder and the Government of Zimbabwe holding a 3 percent stake through the Ministry of Tourism and Hospitality Industry, RTG has emerged as a key player in Zimbabwe's hospitality sector.
Group company secretary Tendai Mari, emphasized that recent financial reports highlight RTG's improved performance, particularly in its hotel segment.
“The first quarter of 2024 witnessed a notable increase in hotel occupancy rates, rising from 40 percent to an impressive 48 percent compared to the same period in the previous year. This growth signals a positive trajectory for the company, driven in part by increased corporate business activities, particularly through conferences.
“RTG's revenues from its hotel operations surged by a remarkable 55 percent, reaching US$8.4 million compared to US$5.5 million recorded in the corresponding quarter of the previous year,” said Mari.
Looking ahead, RTG is poised to capitalize on the growth opportunities presented by leisure tourism, particularly in the Victoria Falls market, and the expanding conferencing sector in city hotels.
Management is also optimistic about future prospects bolstered by the signed , strategic joint venture partnerships, notably with Grant Metropolitan Hotels (GMH).
“With expected increase in international travel, it is projected that this strategic joint venture will significantly boost the groups business both locally and across the continent,” Mari revealed.
Meanwhile , the group is undertaking significant refurbishment projects, particularly at the Rainbow Towers Hotel and Conference Centre. These enhancements include upgrading hotel rooms, installing guest elevators, and improving public areas.
The conference centre will also undergo renovations, ensuring it meets international standards. All refurbishment works are scheduled to be completed before July 31, 2024, in preparation for hosting the Southern African Development Community (SADC) Summit in August. This milestone not only underscores RTG's commitment to excellence but also solidifies its position as a leading player in Zimbabwe's thriving hospitality industry.
