Barrows Hotel Enterprises Closes $110 Million Deal for Zambia
Barrows, the provider of hotel investment and advisory services for hotels in the Middle East and Africa, is advising Asian developer Hing Construction for a new 5-star Hotel Resort development in Lusaka Zambia.
"Barrows will raise the funding within its institutional network of Hedge funds and Retirement Funds. Both parties are focused on large scale hotel developments in West and Central Africa," said Chairman and CEO Erwin Jager. Both parties have signed into a capital acquisition agreement for the realization of this project with a total project value of 110 million USD.
The rooms are spread over 12 floors and situated on a podium where the other facilities, such as a restaurant, meeting facilities, business center, Wellness, sports facilities and a vertical farm, will be realized. Parking will be located in the basement.
The expected start of construction of this project is August 2023 and will be fully financed through the issuance of Institutional medium-term bonds. The project offers a perfect long-term solution for chains such as Kempinski, Fairmont, Marriott, or Hilton.
Barrows has a strong order book with a total value over 600 million USD. Barrows is responsible for major hotel developments, refurbishments, 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 years guidance. We continue with exciting opportunities and strong commercial commitment for all our projects in exciting locations said Chairman and CEO Erwin Jager.
Zambia offers its visitors beautiful sights such as botanical gardens, a wildlife and nature reserve and the Munda Wanga Environmental Park. Zambia also offers many opportunities for the business traveler. The Zambian economy relies to a large extent on mining, in particular the extraction of copper.
Although mining provides the highest yields, a large part of the Zambian labor force works in agriculture. The Zambian agricultural sector produces, among other things, rice, peanuts, cotton, and tobacco, which contributes to a good trade relationship within the export market to many countries.
Barrows Hotel Enterprises internationally manages over 10,000 hotel rooms in more than 10 countries. Barrows is specialized in the fast-growing hotel industry in the entire MENA Region including West Africa.