Nico Holdings Limited has said plans are at an advanced stage to commence construction of a $45 million hotel in Lilongwe as part of the company’s strategy to expand its accommodation business in the country.
Nico Holdings Chief Executive Officer, Vizenge Kumwenda, said the conglomerate will implement the project through one of its subsidiaries, Blantyre Hotels Limited. Further, he said Nico would partner a South African company to develop the property.
He said the project is likely going to commence before the end of this year.
“We will be able to do this project because of the partnership we have with experts in property development, Eris, from South Africa. Nico Asset Managers are the ones that will do the capital raise, Blantyre Hotels will be one of the investors and our target is to break ground on construction before December,” Kumwenda said.
Kumwenda was speaking during a client cocktail that the company hosted for its customers in Lilongwe recently to increase awareness on its services.
Kumwenda said, since they started the initiative last year, many customers have expressed interest in it, a situation that has reflected positively on their business.
“It is very important for us to be in constant touch with our clients to update them on developments and what we have in store for them for the rest of the year and, indeed, going forward. This is very important because it gives us the opportunity to hear them, their complaints and where we need to improve,” Kumwenda said.