A proposed 121-key hotel to be operated under Marriott’s Protea Hotels brand — the first internationally branded hotel in Zambia’s fastest-growing mining city.
Sub X of Farm 2945 · Solwezi · North-Western Province · Zambia
Private & confidential — shared with selected parties. Not an offer of securities.
Solwezi anchors Zambia’s “new Copperbelt” — home to First Quantum’s Kansanshi mine and Barrick’s Lumwana mine, both undergoing multi-billion-dollar expansions that extend mine life by decades. The mining economy generates deep, year-round corporate demand, yet the town has no internationally branded full-service hotel.
Kansanshi (FQM, ~10 km) and Lumwana (Barrick) — expansions committed, decades of mine life.
Commanded by unbranded local hotels with limited conferencing and no loyalty programmes.
Mining houses mandate branded hotels where available. This will be the default corporate choice from day one.
Full concept designs complete (PNA Architects, Lusaka): a ground floor of public areas and conferencing, four accommodation floors, and a fifth floor combining a rooftop SkyBar with two penthouse suites — on a reserved 1.76 ha site.
From 26 m² standards to 53 m² long-stay Super Deluxe rooms, junior suites, suites and two 124 m² penthouses.
Three divisible conference rooms (406 m² combined), break-out room, boardrooms and a 499 m² events garden.
All-day restaurant, specialty restaurant and a signature rooftop SkyBar with its own kitchen.
Gym, spa and outdoor pool serving guests, conferences and the local corporate community.
89 m² bank unit (interest already expressed) plus 293 m² of co-working space — defensive lease income.
318 m² rooftop solar array, full back-of-house, laundry, cold store and parking for 50–100 vehicles.
“We would be very interested in managing this hotel on your behalf if it meets the required standards… the purpose of this letter is to give comfort to your promoters and financiers of our interest.”
— S.M. O’Donnell, Chairman, Protea Hotels Zambia Ltd · 2 June 2025
10-year, USALI-format model in US dollars (net of 16% VAT). Occupancy ramps conservatively from 45% to a stabilised 65% by Year 4; blended rate ~US$149 at opening, growing 3% p.a.
| Returns — 10-year hold, exit at 9.5% cap | |
|---|---|
| Project IRR (unlevered) | 17.7% |
| Equity IRR (indicative 40/60) | 21.6% |
| NPV @ 12% discount rate | US$4.8m |
| Stabilised yield on cost | 17.5% |
| Stabilised DSCR | 2.6x |
| Development budget — US$11.0m | |
|---|---|
| Construction & external works | US$6.4m |
| Fees & contingency | US$1.2m |
| FF&E, OS&E & pre-opening | US$2.1m |
| Land, working capital & interest | US$1.4m |
| Cost per key | US$91,000 |
Budget is a promoter estimate; independent QS confirmation is a condition of financial close. Regional benchmark for branded midscale hotels: ~US$393,000 per key (AECOM Africa Cost Guide 2025/26, Lusaka).
Kokeb Enterprises welcomes proposals for pure equity, blended debt-equity packages, or full-funding solutions from a single institution or consortium.
USD-denominated, ~9% pricing, 12-year tenor, 18-month principal grace through the ramp-up.
Promoter contribution (including land) alongside incoming investors.
At this deliberately conservative gearing, stabilised debt service cover of 2.6x sits far above the 1.3x threshold regional lenders typically require — leaving substantial headroom for higher leverage where investors prefer to enhance equity returns.
Pre-development already funded by the promoter: land reserved, full concept design complete, operator interest secured.
The hotel anchors Kokeb’s wider Bumuntu Lifestyle landholding. The remaining 8.24 ha is earmarked for an upmarket gated residential community — excluded from this raise, with hotel investors offered first engagement on the next phase.