The African Sun, which is the largest hotel firm in Zimbabwe, has now acquired total control of the Victoria Falls Hotels.
The development comes after the African Sun managed to purchase the remaining 50 percent stake in the asset previously held by Meikles.
Also known as the Grand Old Lady of the Falls, the Victoria Falls Hotel was built in 1904.
Victoria Falls is essentially the oldest, most iconic resort in the region.
The property is also operating as a member of The Leading Hotels of the World.
Victoria Falls is the only hotel featuring a private, 10-minute footpath that leads guests directly to the entrance of Victoria Falls.
Since 1998, the asset has been run as a 50 by 50 joint venture.
It was a partnership between the African Sun and Meikles Hospitality (Private) Limited.
But in a recent official statement, Meikles said the board climbed down on its initial plans to retain interests in the asset after accepting African Sun’s offer.
“The Company had initially resolved to retain the operation as part of continuing operations, but subsequently received and accepted an offer from its joint venture partner to acquire its interest in the Partnership,” Meikles maintained.
African Sun already manages a sound portfolio of the country’s leading hospitality assets such as the Elephant Hills Resort, Hwange Safari Lodge, Troutbeck Resort in Nyanga and the Holiday Inn hotels.
The hospitality group recently disposed of the Great Zimbabwe Hotel, Monomotapa Hotel and Caribbea Bay Resort to create space to focus on strategic properties.
From now, the Victoria Falls is likely to be the company’s main flagship property.
This is because the property is one of the world’s Classic five-star hotels and commands prime location overlooking Victoria Falls, Zimbabwe, an acclaimed Natural Wonder of the World.
The Edwardian-style hotel, built in 1904, was splendidly redecorated in 2013 to combine its traditional majesty with modern sophistication.
Historically and for more than 110 years The Victoria Falls Hotel has been a luxury icon in Africa.