Rainbow Tourism Group (RTG) has announced its entry into the South African hospitality market through the acquisition of a commercial property in Cape Town’s CBD. It will be converted into a branded hotel operated under an international hospitality group. RTG confirmed it is in advanced discussions with global brands to secure a management agreement.
The R98 million (US$5.6 million) acquisition will diversify RTG’s portfolio beyond Zimbabwe and provide a foothold in one of Africa’s most competitive tourism markets.
