Local investors advised to invest more in hotel industry

TANZANIANS have been encouraged to invest more in the hotel industry “where there is enormous growth potential’’.

Peacock Hotels Founder and Owner Joseph Mfugale told reporters that the government is always ready to provide assistance to local investors in the hotel industry.

Peacock Hotel MD Damas Mfugale and Founder and Owner Joseph Mfugale

Mr Mfugale said expressed his appreciation to the government, noting that it has provided tax exemptions on materials and other products when constructing his Peacock Hotel Chains.

Although he said government could still do more to assist local investors in the hotel industry, Mr Mfugale also urged those interested in investing in the industry to be confident, believe in themselves and exercise patience.

“Entrepreneurship needs patience as you await your returns because it might take a while for that to happen…and this is not a small job; they should not despair,” he stressed. A successful entrepreneur in the country, Mfugale, said given a will, confidence and self-discipline on matters of finance, anything is possible in business.

Mr Mfugale said he started with a capital of 800/- in ‘those days’ but now boasts of over 40bn/- that include assets. As part of his company plans, he plans to develop a beachfront luxury hotel in Kigamboni.

Other plans include opening a luxury hotel in Iringa. He said the hotels provides direct employment opportunity to more than 130 local Tanzanians, more than 360 indirect employment to employee’s families and people who provide different services to the hotels.

The Chain’s Managing Director, Mr Damas Mfugale, expressed heartfelt appreciation to the media fraternity for continued support. “We would have not reached where we are today, without your support to Peacock hotels which is owned by a local Tanzanian,” he said.

Tanzania Tourism Board (TTB) Market Manager Mr Geoffrey Meena commended the Mfugale Family for its achievement and contribution to the hotel industry in the country.

Mr Meena noted that the family was contributing to fill the gap in first class hotels and accommodation needed to match the growing number of tourists visiting the country.

He observed that the hotel industry was one of the important instruments in the tourist industry, making the country even more attractive to tourists.

The government has on many occasions been quoted calling for more investments in the hotel industry to complement the increasing number of tourists visiting the country.

According to the 2012 statistics, Tanzania lags behind in hotel investments with 174 registered and licenced tourist class hotels, offering 11,568 rooms.

Written By ROSE ATHUMANI

Source@DailyNews