Zimbabwe Stock Exchange (ZSE)-listed hospitality group, Rainbow Tourism Group (RTG) has completed the first phase of the refurbishment of its Victoria Falls Rainbow Hotel at a tune of $500 000.

The hospitality concern is confident of a positive return on investment with room occupancy already showing an upward trend since the completion of the refurbishment works.

The renovations saw a total of 46 out of 88 rooms being refurbished.

RTG Corporate Communications Manager, Pride Khumbula said the group is targeting to resume the upgrade of the remaining rooms in November with the second phase expected to be completed during first quarter of 2018.

According to the hospitality concern, occupancies have grown to above 60% on average with expectations that this will grow further to above 70% by year end, given the projected increase in airline seats into Victoria Falls to about 80 000 per annum.

The increase in room occupancy in the resort destination is being driven by the surge in arrivals following the commissioning of the $150 million new-look Victoria Falls International Airport.