FRENCH multinational hospitality company, Accor SA, has entered the local market after signing Notovel Victoria Falls Hotel, a landmark project in the resort city.
Accor is considered the largest hospitality company in Europe and the sixth-largest hospitality company worldwide, operating 5 600 hotels with 850 000 rooms under 45 brands, including Novotel, in over 110 countries and has a total talent complement of over 360 000.
The proposed hotel is part of a mixed-use development that will also include a medical facility, retail and residential developments, which need a combined US$42,41 million to develop under the Eagle Real Estate Investment Trust (Eagle REIT).
The anchor investors of the REIT are Fidelity Life Assurance of Zimbabwe and Zimre Holdings Limited.
The fund manager is Fidelity Life Asset Management Company (Pvt) Ltd and the trustee is CBZ Holdings Limited.
In a statement on Friday, Accor said it signed the agreement at the Future Hospitality Summit (FHS) Africa that ran from June 17 to 19 in Cape Town, South Africa.
“Accor, a world-leading hospitality group, has announced the signing of Novotel Victoria Falls, a landmark project set within Victoria Falls — a Unesco World Heritage Site and one of the Seven Natural Wonders of the World,” Accor said.
“The agreement, signed during the Future Hospitality Summit Africa, marks Accor’s market entry into Zimbabwe, leveraging on a first-mover advantage in one of Africa’s most iconic destinations and underscoring the group’s commitment to pioneering development in emerging markets.
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“Scheduled to open in 2028, the 111-key new-built property will be developed under a management agreement with Eagle Real Estate Investment Trust, a development REIT focused on high-quality assets across tourism, hospitality, health, retail and residential sectors.”
Located in the Eagle Heights precinct, in a prime location overlooking the Masuwe River, the hotel will blend natural beauty with Novotel’s modern, family-friendly hospitality.
“Guests will enjoy a thoughtfully designed experience, with facilities including an outdoor swimming pool, kids’ club, all-day dining restaurant and destination bar — designed to meet the needs of modern travellers seeking comfort, connection and local discovery,” Accor said.
“Known locally as Mosi-oa-Tunya or The Smoke That Thunders, Victoria Falls is not only a dramatic natural wonder but also a world-renowned hub for adventure tourism, offering white-water rafting, bungee jumping and scenic helicopter flights.”
The signing signals a strategic entry for Accor into a destination with growing regional and domestic tourism and a limited presence of global hotel brands.
“This signing represents a bold step forward in our development strategy for Sub-Saharan Africa,” Accor Premium, Midscale & Economy Division, Middle East, Africa and Türkiye chief development officer Maya Ziade said.
“Victoria Falls is one of the world’s most extraordinary destinations and we are proud to bring the Novotel brand experience to Zimbabwe for the very first time. As a first mover, we see this project as a gateway to long-term sustainable growth in the country.”
Eagle Asset Managers, the Eagle REIT fund managers’ managing director, Bevin Ngara, said the firm was delighted to partner Accor to bring an international standard of hospitality to Victoria Falls.
“This project reflects our vision of investing in transformative developments that elevate tourism and deliver value to local communities and investors alike,” he said.
