Dar es Salaam. A consortium of American investors is set to elevate Tanzania’s tourism industry by planning a five-star hotel near the renowned Serengeti National Park. The hotel, situated in Robanda Village adjacent to the Fort Ikoma Gate, will enhance the area’s hospitality offerings.
The company, Maendeleo Hospitality Ventures (MHV), announced its intention to raise capital through an initial public offering (IPO), following the requisite regulatory procedures.
“Our vision is to redefine hospitality in Tanzania by creating luxury hotels that highlight our cultural heritage and breathtaking landscapes. The Serengeti, famous for its wildlife and extraordinary great migration, is the ideal starting point for our venture,” stated the chairman of MHV.
MHV is collaborating with Core Securities Limited to facilitate the IPO process. The firm plans to allocate 31 percent of shares specifically for Tanzanian investors, offering three percent to local communities and an additional two percent for local staff.
“The timing is opportune for launching a public hospitality company,” the chairman remarked, emphasizing the commitment to meet the increasing demand for high-quality accommodations that meet international standards. The hotel in the Serengeti marks the beginning of MHV’s expansion, with plans for future projects in Zanzibar, Ngorongoro, and Kilimanjaro.
Core Securities Ltd confirmed its role in guiding MHV through the IPO, announcing that discussions are underway to form an advisory team to secure regulatory approvals, aiming for an IPO launch within the next month. This aligns with MHV’s goal of opening the luxury hotel by July 2025.
The Serengeti is one of northern Tanzania’s most frequented destinations, renowned as the stage for the world’s greatest mammal migration. The new hotel is expected to not only elevate Tanzania’s status as a prime travel destination but also invigorate the local economy.
Preliminary statistics for August 2024 forecast over two million international visitors to Tanzania, contributing approximately $3.5 billion to the economy. This trend underscores effective governmental initiatives that aim to improve infrastructure and promote sustainable tourism practices.
