The African Sun Limited (AFSL) has announced the closure of its Kingdom Hotel in Victoria Falls in January
next year after failing to agree on leasing terms with the owners of the
property.
In July this year, African Sun announced that it had failed to agree on
a fresh lease agreement with the owners of the hotel property, First
Capital Bank.The bank reportedly insisted on a two-year lease term while ASL wanted
10 years sufficient to return its investment.
In a memorandum to partners, AFSL chief executive Peter Saungweme said
the Kingdom Hotel would close for business with effect from January 5
next year.Further to the formal announcement which African Sun Limited (African
Sun) released to the market on 4 July 2022, we would like to inform you
that the Kingdom at Victoria Falls Hotel (the Hotel) shall be closing
for business with effect from 5 January 2023.
We would like to thank you for your past business and support over the
years and look forward to continuing working with you at our other ten
hotels, which include the Victoria Falls Hotel and Elephant Hills Resort
and Conference Centre, which are also situated in the city of Victoria
Falls, he said.
African Sun has been operating the Kingdom Hotel since 1997.
