HOTEL and leisure group African Sun (AfSun) has attributed a half year loss of close to US$2 million to the closure of Kingdom Hotel in Victoria Falls, coupled with challenges in the macroeconomic environment.
The hotelier closed the 294-room Kingdom Hotel effective January 5, 2023, citing disagreements with the property owner, First Capital Bank (FCB), over the proposed renewed lease period.
According to the company’s financial results for the half year ended June 30, 2023, earnings before interest, tax, depreciation, and amortisation (EBITDA) reached US$2,48 million during the period under review.
The group recorded US$22,36 million in revenue, a two percent increase compared to the same period las
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