WESTPROP Holdings has successfully inked a partnership with hospitality giant Radisson Hotel Group for the management of the Millennium Heights block 5 aparthotel.
The aparthotel would be known as the Radisson Millennium Heights Aparthotel.
Chief Executive Officer, Ken Sharpe signed on behalf of WestProp while Daniel Trappler the Senior Director responsible for development in Sub-Sahara Africa signed for the Radisson Hotel Group.
The hotel group has an impeccable track record in the management of aparthotels with its entry into the local market expected to ignite excitement and options for discerning travellers and holidayers.
Aparthotels offer a new type of hospitality experience that combines the comfort of home with the services of a hotel.
The 148-roomed aparthotel will have spacious, fully-equipped apartments with kitchenettes, separate living areas, and bedrooms. Guests can enjoy the flexibility of self-catering while still having access to hotel amenities such as fitness centres, restaurants, and meeting spaces.
The concept offers numerous benefits for both guests and property owners. Guests enjoy the comfort and convenience of a home-away-from-home experience, while owners benefit from Radisson's global distribution network, revenue management expertise, and operational efficiencies.
While the concept is still new in Zimbabwe, the demand for aparthotels is growing rapidly, driven by increasing demand for flexible, self-catering accommodations from business travellers, families, and digital nomads.
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The aparthotel whose construction begins this year is expected to open in two years. WestProp has already started accepting investment into the aparthotel with each share costing U$5 750 inclusive of the furniture.
So far 58 percent of the fractional shares have been bought since launch last November.
Multiple investors can part own an apartment which would be leased out to clients as serviced apartment accommodation short-term stay.
"After the first year of operation as an aparthotel, investors can expect returns of at least 8 percent. However, as the property values increase and the hotel's occupancy rates grow, so too will be the return on investment," said Sharpe.
Sharpe says investors should take up the offer and prepare for their future and that of their children. This is a sure way into long-term secure investment. With the guarantee on the returns, it is surely a game changer in the property space in Zimbabwe. This offer is the first of its kind in Zimbabwe, where one can have his/her cake and eat it too.
"Do not miss out on this opportunity to invest in Zimbabwe's future and secure a share of the profits," he said.
