A NEW venture spearheaded by a consortium of American investors, is planning to seek local funding through capital markets to build a five-star hotel near the Serengeti National Park.

The hotel will be built at Robanda Village, adjacent to the Fort Ikoma Gate of the iconic Serengeti, according to a statement issued by Maendeleo Hospitality Ventures (MHV) company.

Rishen Patel, the MHV chairman, said in a statement in Dar es Salaam yesterday, that the planned hotel will provide world-class accommodation for international tourists and stimulate the local economy, creating employment opportunities in the surrounding communities.

He said it was a bold move to revolutionize Tanzania’s tourism sector, as the hotel is designed with both luxury and sustainability concerns. “It will offer guests unparalleled access to the Serengeti’s extraordinary wildlife and natural beauty, including the iconic great migration,” with its opening scheduled for July.

“Our vision is to redefine hospitality in Tanzania through luxury hotels celebrating 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,” he declared.

He underscored the rapid growth of Tanzania's tourism sector which saw 1.8m international visitors in 2023, contributing over $3.37bn/- to the national economy.

To fund the project, MHV works with Core Securities Ltd to facilitate a public offering, listing 31 percent of the hotel shares for local investors, with three percent allocated to local communities and two percent to local staff, he stated.

Asserting that this share allocation initiative is designed to promote inclusivity and empower Tanzanians by enabling them to invest in the hospitality sector, he expressed confidence in the project’s feasibility.

“The timing is perfect to launch a public hospitality company in response to the growing demand for high-quality accommodations,” he stated, noting that the Fort Ikoma hotel is just the beginning, as the firm has plans for further developments in Zanzibar, Ngorongoro and Kilimanjaro.

George Fumbuka, a securities consultant, was elated by the project, noting its potential to empower a wide range of Tanzanians through stock ownership.

Core Securities is in advanced discussions to establish an advisory team to navigate regulatory approvals to launch an initial public offering (IPO) the next month.

Serengeti National Park is one of the most lucrative destinations for hotel and lodge investments in Tanzania. Its global tourism appeal, high-end safari market, and increasing visitor numbers make it an attractive location for investors looking to establish luxury lodges, tented camps, and eco-friendly accommodations.

With growing awareness of environmental conservation, eco-friendly lodges that use solar energy, rainwater harvesting, and minimal ecological impact are in demand.

Serengeti National Park, located in northern Tanzania, is one of Africa’s most famous wildlife reserves. Covering approximately 14,750 square kilometers, it is renowned for its vast savannahs, rich biodiversity, and the Great Wildebeest Migration, one of the most spectacular natural events in the world.

The park is a UNESCO World Heritage Site, and conservation efforts focus on anti-poaching, habitat preservation, and sustainable tourism to protect its rich biodiversity.