The Rainbow Tourism Group (RTG) is planning to enter the South African market with a US$5.6 million purchase of a Cape Town Central Business District property, which it will convert into a hotel.
RTG, which owns about 7 hotels in Zimbabwe, says the investment will help “diversify the balance sheet and revenue streams.”
The company will be hoping for better fortune than peers Meikles and African Sun, whose own regional expansion over the years met with limited success.
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