US$4m upgrade for Rainbow Towers
HOSPITALITY group, Rainbow Tourism Group (RTG), has spent over US$4,4 million upgrading one of its five-star hotels, Rainbow Towers, to develop it further to meet world class standards.
The refurbishment programme was undertaken in the first quarter of the year and the scope of work included ceilings, new bathrooms and the installation of two new guest elevators.
In a statement accompanying financial results for the first half ended June 30, 2020, RTG said the hotel now offers world-leading rooms that can compete with other comparable five-star rooms.
“The project was completed within three months and was the hotel’s first full room refurbishment since its construction in 1985.
“The scope of works included plumbing, electricals, ceiling works, new bathrooms, installation of two brand new guest elevators as well as new in-room furniture and fittings at a total project cost of US$4,4 million,” said the hospitality group.
As at June 30, 2020, the group’s statement of financial position remained strong despite the effects of Covid-19. During the period under review, RTG paid the debenture of $16,7 million in full.
“This instrument was issued in February 2018 at an interest rate of 6 percent and tenure of seven years. The early payment of the debenture released the group’s assets, which were pledged as security.”
Occupancy rate closed the six months period at 25 percent compared to 43 percent recorded during the first half of 2019.
The group posted revenues of $230 million, 51 percent below $470 million posted in the same period in 2019. Despite the effects and spread of the pandemic, RTG said it has put in place the necessary procedures to ensure safety of guests and staff.
“We are proud to have been the major host facility for returning citizens and pleased to have been at the frontline of the fight against Covid-19,” said the group.
As part of its corporate social responsibility and contribution towards the fight against the pandemic, RTG spent US$40 000 worth of donations to various institutions in the country.
“To this end the group donated a total of 3 100 linen items consisting of bed sheets, blankets, towels, pillows and pillowcases valued at the equivalent of US$40 000.
“The items were donated to Wilkins and Beatrice Infectious Diseases Hospitals in Harare, Thorngrove Infectious Diseases Hospital in Bulawayo as well as Victoria Falls and Kadoma Ministry of Health and Child Care centres,” it said.
In the outlook, RTG said while the prevailing situation was likely to persist into early 2021, the hospitality concern remains optimistic that the tourism industry will in time rebound and set the hotel business on a recovery path.-herald.cl.zw
