Rainbow Tourism Group (RTG) is set to make its mark in South Africa, after announcing plans to purchase a prime property in Cape Town’s Central Business District for approximately US$5.6 million.
The seven-storey commercial building, located at Erf 807, 13 Buitengracht Street, will be converted into a branded hotel under a leading international hospitality operator.
The deal, finalised through RTG’s South African subsidiary, Rainbow Tourism Group (SA) Proprietary Limited, is part of the company’s long-term strategy to expand its regional footprint and diversify revenue streams.
According to RTG, the acquisition represents roughly 9.3% of its market capitalisation on the Zimbabwe Stock Exchange (ZSE).Fastjet Zimbabwe flights
Cape Town, renowned for its robust infrastructure and steady international tourist arrivals, is seen by RTG as a high-growth destination that offers a strong platform for regional expansion.
The company, which currently operates seven hotels in Zimbabwe, hopes the venture will strengthen its balance sheet while tapping into a lucrative market outside the country.
The move comes as other Zimbabwean hotel chains, including Meikles and African Sun, have faced challenges in their regional expansions, highlighting the risks and opportunities in cross-border investments.
RTG’s Board of Directors confirmed that the property will undergo adaptive reuse and refurbishment to meet international hospitality standards.Fastjet Zimbabwe flights
The acquisition is classified as a Category 3 transaction under ZSE Listings Rules and aligns with the company’s strategy of entering high-potential tourism markets in Southern Africa.
