As one way of boosting the Tourism sector in the country, Old Mutual Investment Group (OMIG) in Partnership with Public Service Pension Trust Fund (PSPTF) have today laid a foundation stone making the construction of a five star Cresta Lifestyle Hotel in Blantyre.
The construction project which is being carried out by Terrastone Contractor will run for three years and will cost the company money amounting to MK43 billion.
The Hotel has been designed to offer state of the art conference rooms, a sky-bar with a sitting capacity of over 100 guests and other staff.
Speaking after the launch PSPTF Board Chairperson James Kumwenda said tourism and hospitality industry has long been recognized as a key driver of economic growth hence investing in the construction of the multi-billion project.
“By investing in this hotel, the PSPTF is not only securing a steady stream of income for our members but is also playing a vital role in supporting the Government in achieving the aspiration of the MW2063. MW2063, Pillar 3 (Urbanisation); specifically recognises Tourism Development. The new buzz world in town now is the ATM Strategy,” said Kumwenda.
He added: “The decision to invest in hospitality industry and specifically this hotel was as a result of a very thorough and strategic process.
“Recognizing the need to diversify the Fund’s investment portfolio to ensure sustainable growth and long-term financial security for its members (also taking into consideration the demographic composition, (specifically Age) of the members), the Board of Trustees identified the hospitality sector as one promising avenue for investment.
“The process involved an extensive economic, financial and market analysis, which revealed that the tourism and hospitality industry holds significant potential for growth. The sector’s resilience and ability to generate consistent returns made it an attractive investment option.”
On his part, Old mutual Investment Group Director Alfred Majamanda said that the hotel investment will increase the value of the money which the investment Group is keeping on behalf of the pensioners (in excess of K378 billion).
The five star Cresta Lifestyle hotel is situated at Crist-wick, opposite Build Africa.
