London, United Kingdom, 21 Feb – British-owned company LonZim said Wednesday in London that it had acquired a 79 percent stake in the Macuti Tourist Village (ATdeM), in the Mozambican province of Beira, for US$4.25 million.
ATdeM is the owner of the historical Dom Carlos and Estoril hotels located in a 300,000 square meter beach front plot in Beira, central Mozambique.
LonZim, a subsidiary of British group Lonhro, for investment in Zimbabwe ad the Beira corridor in Mozambique, also said that it would pull down the two hotels and build a luxury hotel in its place.
the remaining 21 percent of ATdeM will remain in the hands of state holding company Igepe, with 11.4 percent, and the municipality of Beira, with 9.6 percent.
LonZim also said it had agreed to pay up to US$1.5 million for the debt and interest owed by ATdeM to Mozambican government institutions. (macauhub)