The Grand Hotel Kinshasa is located at the heart of the Congolese capital's diplomatic and commercial district.
According to a forecast by international consultants McKinsey, the city is set to grow into Africa's largest city by 2025.
The management agreement includes a commitment from government that the hotel will undergo a major refurbishment to re-open the 212 currently unused bedrooms.
Refurbishments are scheduled for completion over the next 24 months.
The hotel has a conference capacity for 2,000 delegates and provides outside catering services, including a casino, nightclub, shopping mall, swimming pool and recreational facilities that will all be reinstated.
Lonrho, which operates the Grand Hotel's welcome lounge and restaurant at Kinshasa airport, said that the management agreement was signed after it redeveloped the Grand Karavia in Lubumbashi, situated in the center of the DRC's mining industry.