Africa Sun Names Top-Performing Hotels for 2024 as Elephant Hills, Holiday Inn Harare, and Bulawayo Lead Revenue Growth

Africa Sun Limited has revealed its top-performing hotels for the 2024 financial year, with Elephant Hills Resort and Conference Centre, Holiday Inn Harare, and Holiday Inn Bulawayo leading the charge. The trio collectively generated 54 percent of the Group’s total revenue, highlighting their critical contribution to the company’s overall performance.

While 2024 was a year of notable gains in revenue and occupancy, Africa Sun closed the year with a marginal loss. The company attributed this to higher operating expenses and one-off costs that are not expected to recur in the future. Nonetheless, the Group remains confident, supported by a strong balance sheet and healthy liquidity and solvency levels.

In its annual report, Africa Sun Group Chief Executive Officer, Mr Lawrence Ward, praised the top performers for driving growth. “The Hotel’s top three performers for the 2024 financial year were Elephant Hills Resort and Conference Centre, Holiday Inn Harare and Holiday Inn Bulawayo. These contributed 54 percent to the Group’s total revenue for the year,” he stated.

Across its portfolio, Africa Sun reported a seven percent increase in annual occupancy levels, rising from 55 percent in 2023 to 59 percent in 2024. This translated to nearly 15,854 additional room nights sold, a clear sign of increased demand and improved operational efficiency.

The Group also recorded a four percent rise in Average Daily Rate (ADR), boosted by strategic pricing during peak periods and extensive refurbishment efforts—particularly at the premium Victoria Falls Hotel. The flagship property’s ADR increased from US$404 to US$414, reflecting market confidence and customer willingness to pay for enhanced comfort and quality.

“The ADR for the year was four percent higher than the prior year, reflecting the positive impacts of negotiated rate increases and rate-yielding opportunities during peak periods. This was also driven by the increase in the Victoria Falls Hotel ADR from USD 404 to USD 414, a testimony to the market’s willingness to pay higher rates for refurbished rooms,” said Mr Ward.

Africa Sun’s InterContinental Hotels Group (IHG)-branded properties—Holiday Inn Harare, Holiday Inn Bulawayo, and Holiday Inn Mutare—maintained their reputation for excellence, having all passed IHG compliance audits in 2024. The company reaffirmed its commitment to maintaining global brand standards across its key assets.

In a move that reflects long-term confidence in the Zimbabwean hospitality market, Africa Sun has also secured a 20-year lease extension for Holiday Inn Harare and Holiday Inn Bulawayo. This strategic decision reinforces the Group’s investment in consistently delivering high-quality service and strengthening its presence in two of the country’s most important urban centres.

As Africa Sun looks ahead to 2025, the performance of these top-tier hotels serves as a testament to the Group’s operational resilience, strategic focus, and dedication to elevating hospitality standards in Zimbabwe and beyond.