For a comprehensive review of the Africa market, click below:
HVS In-Depth Africa Hotel Valuation Index:
2021
|
2016
|
2015
|
2014
Zimbabwe is transitioning from decades of political instability, the change in regime has created great international interest. Economic growth made a recovery in 2017 with a GDP growth rate of 3.4%. The growth is projected to slow down to 2.7% in 2018 due to liquidity shortages of US dollars as per the World Bank.
Tourist arrivals in 2017 were up 12% from 2016. Victoria falls International Airport was refurbished in 2016 and now operates daily and weekly flights from eight airlines with passenger handling capacity of 1.5 million. Zimbabwean general elections in July 2018 have raised security concerns resulting in the U.S. Embassy issuing a travel advisory ‘level 2 warning: exercise increased caution’ due to increased political tensions. This has raised some concerns regarding investor sentiment.
Upgrades at Robert Gabriel Mugabe International Airport, Harare also broke ground in July of 2018 financed and built by China. The upgrades will increase the handling capacity from 2.5 million passengers to 6 million. Airline companies South African Airways, British Airways, Fastjet , Ethiopian Airways , Kenya Airways , Emirates , RwandAir are the current flight operators.
Hoteliers are positioning themselves for post Mugabe growth with Cresta Hotels undertaking major refurbishments to its Harare 123 key property. Radisson Blu plans to open 245 rooms at the end of March 2019 and will not be the last as many projects are rumoured.
Great wildlife and natural attractions including Victoria Falls a UNESCO World Heritage Site, are now gaining new appeal with the shift in the political landscape and infrastructure development. International Hotel Chains entering the market could possibly bring the much-needed tourists and foreign currency into the country to boost the whole economy.
The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide.
Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the
hospitality investment market.
In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely
insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related
restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.
Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with
an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide
insights on the likely trajectory of decline and recovery for hotel values.
For the Latest Information and Analysis on the Impact of COVID-19Click Here
If you’d like to speak to someone personally to review details of our most current analysis, please don’t hesitate to contact
us directly.
ADR, Demand, Occupancy, RevPAR, and Supply Projections:
|
| ADR Change
|
| Market Demand Change
|
| Hotel Occupancy Increase/Decrease
|
| RevPAR Change
|
| Market Supply Growth
|
Exchange Rate:
|
Exchange Rate
2016
|
Exchange Rate
2017
|
Change
2016/2017
|
Exchange Rate
2018
|
Change
2017/2018
|
|
US$
|
1
|
0
|
|
0
|
|
|
Zimbabwe - Harare
|
0.00266
|
0.00266
|
0.0%
|
0.00266
|
0.0%
|
Change In Value For Market:
Legend
| Significant Value Increase:
|
Greater than +10%
|
| Moderate Value Increase:
|
Between +3% and +10%
|
| Stable Values:
|
Between -3% and +3%
|
| Moderate Value Decline:
|
Between -3% and -10%
|
| Significant Value Decline:
|
More than -10%
|
Zimbabwe - Harare RevPAR Change
Zimbabwe - Harare RevPAR
| Year |
RevPAR |
| 2015 |
47.01
|
| 2016 |
41.25
|
| 2017 |
40.96
|
| 2018 |
43.45
|
| 2019 |
45.23
|
| 2020 |
43.28
|
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