{"id":101058,"date":"2024-11-26T08:48:40","date_gmt":"2024-11-26T06:48:40","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rainbow-reaches-deal-to-buy-montclair-hotel-for-us5-million"},"modified":"2024-11-26T10:51:26","modified_gmt":"2024-11-26T08:51:26","slug":"rainbow-reaches-deal-to-buy-montclair-hotel-for-us5-million","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/rainbow-reaches-deal-to-buy-montclair-hotel-for-us5-million","title":{"rendered":"Rainbow reaches deal to buy Montclair Hotel for US$5 million"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>HOSPITALITY group, Rainbow Tourism Group Limited (RTG) has agreed a del to acquire Montclair Hotel and Casino in Nyanga for US$5 million, which would see it establishing its footprint in the Eastern Highlands.<\/p>\n

In its half year financial report for the period ended June 30, 2024, RTG revealed that its strategic focus will be on protecting and enhancing profit margins.<\/p>\n

This will be done through diligent cost management and the adoption of innovative business models.<\/p>\n

Currently, the group has properties in Kadoma, Bulawayo, Victoria Falls and Harare.<\/p>\n

\u201cThe Board of Directors of Rainbow Tourism Group Limited wishes to advise shareholders and the investing public that the company has signed a sale and purchase agreement for the acquisition of the entire issued ordinary shares of Briolette Services (Private) Limited trading as Montclair Hotel and Casino (the transaction), for a purchase consideration of US$5 million,\u201d RTG said in a statement on Monday.<\/p>\n

\u201cThe conclusion of the transaction is subject to fulfilment of various conditions precedent. The company is now engaged in the necessary processes to finalise and execute the sale and purchase agreement, including satisfying all conditions precedent.\u201d<\/p>\n

Briolette Services (Private) Limited (Briolette), a consortium of indigenous businessmen, bought the Montclair Hotel and Casino Private Limited in 1997 and has been running it ever since.<\/p>\n

Rainbow revealed that if the deal is successfully concluded, the transaction could affect its listed securities valued at US$64,03 million as of last Friday.<\/p>\n

\u201cTherefore, shareholders are advised to exercise caution and to consult their professional advisors when dealing in the company\u2019s securities,\u201d Rainbow said.<\/p>\n

As of June, Rainbow\u2019s total assets were US$54,88 million.<\/p>\n

\u201cThe Montclair was built as a getaway resort for families in the capital and the surrounding farming communities in 1949 by Mr. J.R.A Smith. He named the completed sixty-four bed-roomed house Dannakay catering lodge after his two daughters Danna and Kay,\u201d reads the Montclair Hotel and Casino About page on its website.<\/p>\n

\u201cThe Dannakay was later renamed the Nyanga Mountain Hotel. In the early 1960s the hotel was renamed Montclair Mountains Hotel. During the year 1970 Mr. and Mrs. Lound bought the hotel and called it Montclair Hotel. This duo did not operate for long before selling the establishment to Lonrho who changed the hotel to Montclair after Mr. Lound\u2018s faithful dog.\u201d<\/p>\n

During the years 1980 to 1987, the number of rooms grew from 64 to 85, while staff cottages were built in the same period.<\/p>\n

\u201cOwing to the strong financial background of Rennies Granken\u2019s Montclair developed along different facets during this time, the Casino was built, a state-of-the-art sewerage disposal system was built, the group also constructed the beverages cellar, extended the maintenance workshop and furthermore it increased the storeroom area.\u201d<\/p>\n

In 1987, the Zimbabwe Sun Hotels took over the management of the hotel and renamed it Montclair Casino Hotel.<\/p>\n

\u201cThe service provision from the casino was exceptional, and this resulted in the hotel gaining an additional star to its rating from three to four stars.\u201d<\/p>\n

That was when Briolette bought the facility.<\/p>\n

For More News And Analysis About Zimbabwe<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. HOSPITALITY group, Rainbow Tourism Group Limited (RTG) has agreed a del to acquire Montclair Hotel and Casino in Nyanga for US$5 million, which would see it establishing its footprint in the Eastern Highlands. In its half year financial report for the period ended June 30, 2024, RTG revealed that its strategic focus […]<\/p>\n","protected":false},"author":84,"featured_media":101057,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[19],"class_list":{"0":"post-101058","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-zimbabwe"},"yoast_head":"\nRainbow reaches deal to buy Montclair Hotel for US$5 million - zimbabwe<\/title>\n<meta name=\"description\" content=\"HOSPITALITY group, Rainbow Tourism Group Limited (RTG) has agreed a del to acquire Montclair Hotel and Casino in Nyanga ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rainbow-reaches-deal-to-buy-montclair-hotel-for-us5-million\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rainbow reaches deal to buy Montclair Hotel for US$5 million\" \/>\n<meta property=\"og:description\" content=\"HOSPITALITY group, Rainbow Tourism Group Limited (RTG) has agreed a del to acquire Montclair Hotel and Casino in Nyanga ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rainbow-reaches-deal-to-buy-montclair-hotel-for-us5-million\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-26T06:48:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-26T08:51:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/11\/sm_1732598461.862369.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rainbow-reaches-deal-to-buy-montclair-hotel-for-us5-million\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rainbow-reaches-deal-to-buy-montclair-hotel-for-us5-million\",\"name\":\"Rainbow reaches deal to buy Montclair Hotel for US$5 million - 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