Botswana Public Officers Pension Fund (BPOPF) is looking to diversify its income streams by tapping into the hospitality space. The Fund is developing a luxury hotel at the new Central Business District (CBD) in Gaborone at a cost of P300 million and the Hotel – Hilton Hotel – is expected to be in operation early 2018. BPOPF has given Fleming Asset Management the mandate to develop the hotel which will be a mixed development comprising hotel rooms, leisure and other use such as conferences and restaurants.
Boitumelo Molefe, Chief Executive Officer of BPOPOF, said on Tuesday at a press briefing that they saw the project as a viable one which can further diversify revenue sources of the largest pension fund in the country. Molefe emphasised that the Hilton Hotel project will seek to contribute to economic empowerment and had committed to engage locals at all the stages of the project including management control and preferential procurement.
She said should it be found that Fleming Asset are disregarding the agreements as far as citizen empowerment is concerned, such information would be revealed, with high standards of transparency have been set. While BPOPF has recently terminated all its contracts with Fleming Asset Management, Molefe said it could not terminate the agreement on hotel development as that would have been counterproductive as a lot of progress has been made.