Diversified conglomerate, Old Mutual Zimbabwe is set to open The Palm River Hotel in Victoria Falls on the first of December ahead of tourist peak-period during the festive season.
The 4-star hotel facility overlooks the mighty Zambezi River and is the latest addition on the Victoria Falls hospitality landscape.
The Palm River Hotel boasts 73 rooms, including a large presidential suite, honeymoon suites and two private villas.
“The Palm River project offers an opportunity for solid returns and value preservation for our valued clients. It has also opened doors of employment to a highly-skilled and energetic people, who are passionate about the town and the hospitality industry,” said Old Mutual Group Chairman, Kumbirai Katsande.
An investment of US$24.6 million was put into the project and it is a partnership between Old Mutual and Spencer Creek, a hotel operator that runs the luxurious Illala Lodge in Victoria Falls.
The Palm River Hotel is part of the group’s strategic diversification of its investment portfolio with more focus on resilient sectors of the economy such as Mining, Energy, Agriculture and Tourism and Hospitality sectors.
It comes at a time the hospitality sector is recovering from the impact of the COVID-19 restrictions on movement.
Old Mutual Rest of Africa, Chief Finance Officer, Dumisani Muhlwa said Zimbabwe is the group’s biggest operation in Africa outside South Africa.
“We as a group have been here for over 100 years and are firmly imbedded in fabric of the country. We have over those 100 years invested into some of the most iconic initiatives the country has seen and we will continue to do so for the good of our policyholders, shareholders and the country at large,” said Muhlwa.
“Palm River Hotel is going to become an iconic landmark in this amazing wonder of the world and in the rejuvenation of the tourism industry of this amazing country and we are very excited to be involved in its development. We are proud to be playing our part in the development of the economy,” he said.
Guests at The Palm River Hotel will enjoy its river frontage, allowing them to see wildlife drinking from the mighty Zambezi.
They can also canoe on the river and enjoy a wide variety of other adventure activities available in the Victoria Falls area.
“Zimbabwe is also home to renowned safaris and opportunities to view game. With five national parks within 100km of The Palm River, guests will be spoiled for choice,” said Old Mutual.