Business
US$5m Chintheche hotel project seeks investment partner
January 22, 2022 / Bester Kayaye
The US$5 million Chintheche 5-Sstar hotel project by Countrywide Hotels & Resorts Limited, a subsidiary of Countrywide Group of Companies (CWG) seeks an investor to enter into a 70:30 rate joint venture partnership arrangement.
According to Mike Mlombwa, the CWG Group chairperson, the market feasibility study of the 400 square metres ecofriendly water and resort themed beachfront establishment situated along the northern shores of Lake Malawi shows a 30 percent Internal Rate of Return.
He said having already completed both the technical feasibility documents and technical designs, CWG is now waiting for an environmental impact assessment to be conducted.
“We expect that activities at the hotel will yield spill over benefits to surrounding communities by providing a readily available market for their fishing and farming activities as well as promoting different value chains to do business and generate sustainable revenues from the hotel.
“The project aims at complimenting government efforts to ensure that tourism brings meaningful economic benefits to the people of the country,” he said.
Once completed, the hotel, which is expected to create over 200 jobs for Malawians, will have accommodation, conference facilities and various water sport activities such as kayaking, snorkeling, cruise boat rides among others.
Mlombwa said CWG is also constructing 3 other hotels in Blantyre with a 40-roomed 3-Star portfolio placed along Chirimba road near Chileka roundabout 5km away from Chileka airport.
CWG is an indigenous Malawian conglomerate which has been operating businesses in the country for over 20 years incepted with the group’s flagship Car hire business.
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Rehabilitation:
The establishment of a stable and self-sustaining ecosystem, but not necessarily the one that existed before mining began. In many cases, complete restoration may be impossible, but successful remediation, reclamation, and rehabilitation can result in the timely establishment of a functional ecosystem.
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Remediation:
The cleanup of the contaminated area to safe levels by removing or isolating contaminants. At mine sites, remediation often consists of isolating contaminated material in pre-existing tailings storage facilities, capping tailings and waste rock stockpiles with clean topsoil, and collecting and treating any contaminated mine water if necessary.
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