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17/05/2012

Lonrho CEO says 2012 is all about delivering strong growth across the business

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Additional Information
Market: AIM
Sector: Travel, Leisure & Hospitality
EPIC: LONR
Latest Price: 10.25p  (3.54% Ascending)
52-week High: 21.25p
52-week Low: 8.10p
Market Cap: 160.82M
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Lonrho PLC
www.lonrho.com

Lonrho is a pan-African company with a diverse portfolio of investments focusing on Africa.  Its investments range from primary infrastructure to transportation, support services, hotels and natural resources. The Company is focused on servicing Western investment and African business by investing in emerging sectors across Africa, creating hubs of business through key investments. Lonrho is re-establishing a significant presence on the African Continent through strategic investments across sectors in fast-growing African economies.

Full Lonrho PLC profile here
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Lonrho to bring 450-room hotel in DRC back to its former glory

1st Feb 2012, 7:36 am by Giles Gwinnett Today's agreement follows Lonrho's successful redevelopment in 2010 to an international five star standard of the Grand Karavia in Lubumbashi, the second city of the DRC, and the centre of the country's mining industry

Lonrho (LON:LONR) has been tasked with bringing a grand hotel in the Democratic Republic of Congo (DRC) back to its former glory.

The Africa- focused firm announced today a ten year management deal with the government for the 450-room Grand Hotel Kinshasa in the capital of the country.

Kinshasa has been forecast to grow into Africa's largest city by 2025 and, following the recent elections, it is expected that the DRC will enter a period of strong economic growth, the firm said in a statement.

Today's agreement follows Lonrho's successful redevelopment in 2010 to an international five star standard of the Grand Karavia in Lubumbashi, the second city of the DRC and the centre of the country's mining industry.

The company's chief executive Geoffrey White said: "The 450-room Grand Hotel Kinshasa is one of the finest hotel properties in Africa and we are delighted Lonrho Hotels has been chosen to manage the hotel and the refurbishment of the property.

"The hotel is an important asset for the government and its refurbishment of the hotel reflects the economic progress that is being seen in the Democratic Republic of the Congo."

The hotel has 450 bedrooms, of which only 238 are currently operational and the agreement includes a commitment from government that the hotel will undergo a major refurbishment to re-open the closed 212 additional bedrooms, create extensive new lounge and lobby areas, two new restaurants, and a Grand Club Floor and Lounge.

The refurbishment is scheduled to be completed over the next two years, the company said.

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