AMERICAN INVESTOR PLANS 5-STAR SERENGETI HOTEL, SEEKS LOCAL FUNDING VIA DAR ES SALAAM STOCK EXCHANGE

Dar es Salaam; February 18, 2025: In a transformative step poised to reshape Tanzania's tourism landscape, Maendeleo Hospitality Ventures (MHV), spearheaded by a consortium of American investors, has declared its ambitious plans to build a five-star luxury hotel in Robanda Village, adjacent to the Fort Ikoma Gate of the iconic Serengeti National Park. This initiative seeks to not only bolster Tanzania's reputation as a top-tier travel destination but also stimulate the local economy and create employment opportunities for the surrounding communities.

According to a statement issued by the investor today, the proposed hotel is designed to be a paradigm of world-class hospitality, offering guests unparalleled access to the breathtaking wildlife and natural beauty that the Serengeti is renowned for. MHV's commitment to sustainable tourism is evident, as the company seeks to highlight the rich cultural heritage of Tanzania while ensuring that local communities benefit from the hotel’s economic success.

Chairman of MHV, Rishen Patel, expressed his enthusiasm over this pivotal project, stating, “Our vision is to redefine hospitality in Tanzania through luxury hotels that celebrate our cultural heritage and stunning landscapes. The Serengeti, known for its extraordinary wildlife and the iconic Great Migration, marks the perfect launch pad for our journey.”

Patel highlighted the significant growth trajectory of Tanzania's tourism sector over the past decade, which has seen tourist arrivals reach a record-breaking 1.8 million in 2023, generating an impressive USD 3.37 billion in revenue.

Preliminary statistics for August 2024 indicate an ambitious uptick to over 2 million international visitors and an expected USD 3.5 billion in economic contributions. This trend not only exemplifies global interest in Tanzania as a premier travel hotspot but also underscores effective governmental initiatives designed to improve infrastructure and promote sustainable tourism practices.

As the investor prepares to make its mark in the hospitality industry, Patel revealed the company's plans to seek local funding. By engaging CORE Securities Limited, an established licensed member of the Dar es Salaam Stock Exchange, MHV aims to raise capital through a public offering. The plan is to list 31% of shares specifically for Tanzanian investors, with 3% allocated to local communities and an additional 2% for local staff, promoting inclusivity and community empowerment.

“The timing is perfect for launching a public hospitality company,” Patel declared confidently. “We are ready to meet the growing demand for high-quality accommodations that uphold international standards. Our flagship hotel in the Serengeti is just the beginning, with future projects planned for Zanzibar, Ngorongoro, and Kilimanjaro, aimed at attracting discerning travelers from around the globe.”

George Fumbuka, CPA and an authorized dealer representative at CORE Securities Limited, confirmed the company’s pivotal role in facilitating the Initial Public Offering (IPO) for MHV. He announced that the company is in advanced discussions to establish an Advisory Team to navigate the necessary regulatory approvals, aiming for an IPO launch within the next month. This ambitious timeline aligns with the MHV's goal to inaugurate its luxury hotel by July 2025.

Fumbuka expressed optimism regarding the initiative, saying, “We are proud to be involved in such a remarkable project, backed by the Investor's international credentials and business expertise. We congratulate MHV for making the right decision, as they are actively empowering a broad segment of Tanzanians through widespread ownership of shares on the Dar es Salaam Stock Exchange.”