Zimbabwe: RTG Hotel Occupancy Marginally Up in Q3

22 November 2021

Hospitality giant, Rainbow Tourism Group (RTG) Limited, hotel occupancies during third quarter to September (Q3) marginally charged by one percentage point to 24 percent from previous quarter levels of 23 percent despite increased restrictions.

During the period under review, the Group business was adversely affected by worsened lockdown restrictions between July and August as compared to previous quarter.

"The COVID-19 pandemic continued to have an impact on the Group's performance for the period ended 30 September 2021," Group secretary Tapiwa Mari said.

The Group said its financial status remains healthy and the impact of the COVID-19 pandemic on the remaining month till year-end will not be able to offset positive projections.

The Group's Gateway Stream division continued to post positive gains with its business volumes growth 55 percent above comparable quarter.

"Notable performance was recorded under Gateway Stream rooms (hotel rooms not owned by RTG) which sold rooms equivalent of 30 percent of the total RTG hotel rooms sold during the third quarter of 2021," said Mari.

Other channels such as groceries, music and hardware have continued to record significant increased volumes.

Hertage Expeditions Africa's performance during the period was largely affected by the lockdowns.

"The Group will continue to capacitate the business to take advantage of the increasing domestic tourism,' Mari added.

The Group said it will review its financing capital investment and working capital models as part of its business continuity plans.

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