Barrows Hotel Enterprises signs $110 million hotel consultancy deal for Zambia
Barrows is advising Asian developer Hing Construction for a new 5-star resort in Lusaka, Zambia.
“Barrows will raise the funds within its institutional network of hedge funds and pension funds. Both parties are focused on developing large-scale hotels in West and Central Africa,” said Chairman and CEO Erwin Jager. The two parties have signed a capital acquisition agreement for the realization of this project with a total project value of 110 million USD.
The rooms are distributed over 12 floors and located on a podium where the other facilities will be carried out, such as a restaurant, meeting rooms, business center, wellness center, sports facilities and a vertical farm . Parking will be located in the basement. The planned start of the construction of this project is in August 2023 and will be entirely financed by the issuance of medium-term institutional bonds. The project offers a perfect long-term solution for chains such as Kempinski, Fairmont, Marriott or Hilton.
Barrows has a strong backlog worth over $600 million. Barrows is responsible for major hotel developments, renovations, financial acquisitions and restructuring projects in the industry. The excellent financial and operational results confirm the solidity of our company’s development project in line with the company’s 5-year orientations. We continue with exciting opportunities and strong commercial commitment for all of our projects in exciting locations, said Chairman and CEO Erwin Jager.
Zambia offers its visitors magnificent sites such as botanical gardens, a wildlife and nature reserve and the environmental park of Munda Wanga. Zambia also offers many opportunities for business travelers. Zambia’s economy is largely based on mining, particularly copper mining. Although mining provides the highest returns, much of Zambia’s workforce works in agriculture. Zambia’s agricultural sector produces, among other things, rice, groundnuts, cotton and tobacco, which contributes to good trade relations in the export market to many countries.
Barrows Hotel Enterprises globally manages more than 10,000 hotel rooms in more than 10 countries. Barrows specializes in the fast growing hospitality industry across the MENA region, including West Africa.