Hospitality management company, Barrows Hotel Enterprises, has closed a US$110-million hotel deal for Zambia and announced plans for construction of a luxury hotel in Lusaka.
Barrows – which provides hotel investment and advisory services for hotels in the Middle East and Africa – has advised Asian developer, Hing Construction, to proceed with the construction of a new luxury hotel resort development in Lusaka.
Construction is expected to commence in August next year. It will be fully financed through the issuance of institutional medium-term bonds. Barrows said in a statement that the project offered a perfect long-term solution for hotel chains such as Kempinski, Fairmont, Marriott, or Hilton.
According to Barrows Chairman and CEO, Erwin Jager, 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.
Barrows and Hing Construction have signed a capital acquisition agreement for the realisation of the project.
The hotel rooms will be spread over 12 floors and planned facilities include a restaurant, meeting facilities, business centre, wellness centre and sports facilities.
Barrows Hotel Enterprises manages over 10 000 hotel rooms in more than 10 countries.
