Moshoeshoe I International Airport Hotel
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Invest in Lesotho’s
Moshoeshoe I International Airport Hotel
The Moshoeshoe I International Airport Hotel presents a landmark opportunity to develop a luxury 5-star hotel, casino, and wellness spa at the primary aerial gateway to the Kingdom of Lesotho.
Introduction
Strategically located 5 minutes from the international airport and 20 minutes from Maseru CBD, the project addresses a critical gap in the high-end accommodation market.
Lesotho’s tourism industry is on a strong growth trajectory, demonstrating significant resilience and potential. According to the latest data, the country welcomed almost 1 million international visitors in 2024, a 30.9% increase from the previous year, signalling a powerful post-pandemic recovery. This resurgence is mirrored in the performance of key attractions, which have not only recovered but significantly exceeded their 2019 visitor numbers. The capital, Maseru, is the central hub of this activity, accounting for 40.5% of the nation’s hotel rooms, achieving the highest bed occupancy rate (37.9%), and serving as the primary domestic market for major attractions.
The Moshoeshoe I International Airport Hotel is conceived as a response to this growing market, specifically targeting the unmet demand for premium hospitality services from business travellers, diplomats, transit passengers, and high-net-worth individuals. This project will establish a new standard for luxury accommodation in Lesotho, directly serving the nation’s key international gateway.
The project is located at the Moshoeshoe I International Airport, about 30 km to Maseru CBD.
Strengths & Opportunities
The Moshoeshoe I International Airport Hotel is positioned to become the premier hospitality address in Lesotho, serving as the natural choice for high-value travel and establishing a new benchmark for luxury in the region.
Market Evidence
Proven Market Recovery:
International arrivals have surged to 84.1% of 2019 levels, with 2024 seeing circa 1 million visitors. This represents a compound annual growth rate (CAGR) of approximately 30.9% from 2023, underscoring the sector’s vigorous rebound.
Thriving Attraction Footfall:
Key cultural and natural attractions demonstrate massive growth and drawing power.
Thaba-Bosiu:
This historical site received 32,097 visitors in 2023, a massive 211.7% increase over its 2019 pre-pandemic numbers.
Maletsunyane Waterfall:
This adventure hub saw 9,850 visitors in 2023, 152.6% of its 2019 attendance.
Morija Museum & Archives:
Visitation grew to 14,351 in 2023, significantly surpassing pre-pandemic levels.
Diversifying Visitor Profile:
Arrivals from key intercontinental markets are growing, notably from the USA (0.7%), India (0.6%), and China (0.6%), indicating global interest. The attractions report confirms this, showing the USA as the leading overseas source market for visitors to Thaba-Bosiu (19.5%) and Kome Caves (28.9%).
Strong Leisure and Business Drivers:
The primary purpose of visit is Holiday/Leisure (74.3%), creating a solid base for premium leisure travel. Furthermore, Business travel (2.1%) and travel for Events (2.1%) represent high-value segments that require quality accommodation.
High Demand in Maseru:
Maseru district not only has the most accommodation establishments but also the highest bed occupancy rate (37.9%). Critically, Maseru residents constitute the overwhelming majority (65.6% at Thaba-Bosiu, 74.8% at Maletsunyane Falls) of domestic visitors to key attractions, demonstrating concentrated demand and a strong local market for tourism.
Strategic Advantages
Unrivalled Gateway Location:
The site is within a 5-minute drive of Moshoeshoe I International Airport and a 20-minute drive to Maseru’s CBD and the South African border, offering unmatched convenience for international and regional travelers. This provides easy access for visitors to key attractions like Thaba-Bosiu & Cultural Village, Mohale Dam, and Maletsunyane Falls a mere 30-minute to 2 hours drive from the hotel site.
Regional Connectivity & Proven Source Markets:
Lesotho is entirely surrounded by South Africa, providing direct access to millions of potential visitors. The attractions report confirms that the Free State (42.8% of SA visitors) and Gauteng (33.9%) are the dominant source provinces for South Africans visiting Lesotho’s attractions, both of which are within easy driving distance.
Government Alignment and Support:
The project is aligned with the Government of Lesotho’s priority to diversify the economy through tourism. Investors benefit from active facilitation through the Lesotho Tourism Development Corporation (LTDC) and incentives such as long-term land leases and licensing support.
Untapped Premium Segment:
The lack of a 5-star hotel at the international airport represents a clear market gap. This project offers a “first-mover” advantage in the luxury and casino hospitality segment, catering to an underserved clientele drawn by Lesotho’s unique cultural and adventure tourism products
Incentives
A low corporate income tax:
• 25% on profits from sales produced in Lesotho
Training:
• Cost of Lesotho citizens allowable at 125% for tax purposes
Withholding tax:
• 10% on service contracts with non-residents
• 25% on dividends distributed from income by resident companies to non-resident shareholders
• No withholding tax on dividends distributed to Lesotho residents
VAT:
• 15% on goods and services sold in Lesotho
• 0% on direct exports
Risk guarantees:
• Partial credit guarantee through the LNDC
Support from the LTDC includes:
• Dedicated tourism special development areas (SDAs)
• Investment facilitation services
• Assistance with permits and licenses
• Assistance with company registration
• Assistance with industrial relations issues
• Appraisal of investment projects
• Assistance with preparation of project briefs for the Environment Impact Assessment (EIA) Certification
Regional Access and Market Integration
Framed by basalt ridges and big-water vistas, Mohale delivers a high-altitude, four-season playground: sunlit summers on the lake, crisp winters for fireside gastronomy and stargazing, and shoulder seasons perfect for trails and pony rides. The Lesotho Highlands Water Project (LHWP) asset – Mohale Dam (145 m) – anchors the destination with a natural lake suitable for non-motorised water sports, guided boating and fly-fishing. Access is honest and sellable: Johannesburg-Maseru by air, then a 2–3-hour scenic drive to the lake via the A3 mountain passes. Maseru is 414 kms (4.5 hours’ drive) by road from Johannesburg, 344 kms (6 hours) from Durban and 685 kms (11.5 hours) from Cape Town.
Beyond the region, Lesotho could be attractive to visitors from the Northern Hemisphere during the Austral summer. Moshoeshoe I International Airport in Maseru is served by direct flights to and from Johannesburg, a major international hub with daily flights to other African countries, Europe, North America and Asia among others. Business-enabling reforms championed by the Government of Lesotho are beginning to bear fruit. Prioritising travel and tourism has resulted in Lesotho’s overall competitiveness ranking moving from 93 to 41. This positions Lesotho to benefit from regional broad-based policies to promote travel and tourism under the African Continental Free Trade Area (AfCFTA). Progress is also being made in improving environmental sustainability. Lesotho was recognised in 2019 as the top scorer in Sub Saharan Africa and 20th globally for Environmental Sustainability in the WEF’s Travel and Tourism Competitiveness Report.
List of investment opportunities
We are seeking equity investors, joint venture partners, or established hospitality management brands for the development and operation of the Moshoeshoe I International Airport Hotel.
Project Description:
Type:
5-Star Luxury Hotel, Casino & Wellness Spa (Greenfield Investment)
Capacity:
120 luxury rooms, including 10 Presidential Suites.
Key Facilities:
VIP casino, world-class wellness spa, fine-dining restaurants, premium conferencing facilities, rooftop lounge, indoor heated pool, and a helipad.
Status:
Concept and investment-ready. Site identified within the airport precinct with zoning for hospitality use. Government support secured through LTDC.
Project Assumption
The project would align with SDGs 1, 8 and 10.
Financial Analysis
A total investment of approximately:
USD 28m
comprising fixed assets of USD 25.4m, pre-production expenditure of USD 1.8m and initial working capital of USD 800k will be required for the establishment of the Moshoeshoe I International Airport Hotel. The graphs below illustrate a financially viable operation with the opportunity expected to generate a profit throughout its operational life.
Mohale Resort, ideal as a conference venue
In addition to the positive NPV and IRR, the initial investment cost of the project is expected to be fully recovered in the beginning of the 10th year. The investment opportunity further responds favourably to the Country`s developmental objectives through its positive socio economic impact in terms of employment creation, economic agglomeration and potential forex earning opportunities.
The resort’s annual net profit after tax increases from approximately:
USD 3.2m
USD 8.2m
in year 10.
Similarly, the projected cash flows of the envisaged project indicate that it will generate positive net cash flows throughout the 10-year operational period.
Financial Analysis
Placekeeper Image
The financial analysis of the Moshoeshoe I International Airport Hotel investment opportunity is computed over a ten year period. Revenue and expenditure projections are in line with industry growth prospects and market potential and have been informed by and benchmarked against industry standards and norms. In addition, assumptions relating to inflation; depreciation and salvage value; and company tax have been worked out based on the existing laws and directives of the country. The figures above represent high level estimates as of October 2025 and are not derived from a full feasibility study. Investors are advised to conduct their own due diligence.
Disclaimer
This web page provides a strategic overview. All financial figures are based on a high-level investment opportunity model and should be used as an indicator of potential only. Investors are strongly encouraged to conduct independent due diligence and a full feasibility study with the support of the LTDC to validate all assumptions under current market conditions