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Zambia: Developer Real Estate Investment Zambia plc (REIZ) plans to construct a four-star boutique hotel at the Arcades shopping centre in Lusaka.
The company says the project has come about due to increased demand for retail space in the area. Its financial structure will reportedly be very similar to that of the Protea Hotel, in which Protea will develop the hotel at its own cost, but all retail income derived from the ground floor of the property will accrue to Arcades Development Plc (ADP) – a subsidiary of REIZ.
REIZ managing director Robin Miller said: “ADP has been pursuing the development of a further hotel offering at Arcades shopping centre. This four-star boutique hotel will be adjacent to the current Protea Hotel at the arcades shopping centre.”
REIZ recently completed the acquisition of ADP at a cost of US$25 million to increase the group’s investment properties.
www.reiz.co.zm
