Entrepreneurship In Africa Master Class: Meet The Entrepreneurs


Entrepreneurship In Africa Master Class: Meet The Entrepreneurs


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Joseph Mfugale began his career as a carpenter in 1967. Although his formal schooling ended after the sixth grade, he went on to run two dry-goods stores, which qualified him for a $30,000 loan from the Tanzanian National Bank of Commerce. In 1992, Mfugale opened the 27-room Peacock Hotel. In 2006, he self-financed and opened 66 additional rooms and in 2007, Mfugale secured a $2 million loan from the East Africa Development Bank to build an additional 75 luxury suites, a conference center and a spa. Working with his son, Damasi, Mfugale also secured from the government the operating lease for the Millennium Hotel, an upscale hotel on the outskirts of the Dar es Salaam center. This new property is the Mfugales' first step toward branding the Peacock Hotel as a quality hotel chain. As part of their company's growth plan, the Mfugales' next step is to develop a luxury hotel and resort on beachfront property on the Kigamboni peninsula near Dar es Salaam. The Mfugales purchased the Kigamboni plot from the government for $100,000. If they don't begin construction by August 2009, the government can exercise its right to take back the land. The Mfugales have also targeted two other areas for hotels: Iringa, southwest from Dar es Salaam, and Arusha, a safari hot spot near Kilimanjaro. Damasi Mfugale, who earned his MBA from the University of Lausanne in Switzerland and worked for the Omni Hotel in North Carolina and the Savoy in London, plans to move the Peacock Hotel brand into its next growth phase before his father retires.


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