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Aug 20, 2007:
The owner of the Rosebank Hotel in Johannesburg will be investing R250m in its refurbishment and repositioning.
The hotel, which was originally built 70 years ago and has since expanded to its current 318 rooms, will undergo a major redevelopment.
"Rosebank has a lot of character and is experiencing an upswing, catalysed in part by public transport projects. The Rosebank Hotel is well-positioned to be a core component of this vibrant node," says Gerald Nelson, CEO of Hospitality Property Fund, owner of the hotel.
Hospitality is managed by Hospitality Property Fund Managers, a joint venture between property fund managers Grapnel Property Group and hotel specialists Hotel Tourism & Leisure Asset Management.
"At the inception of the Fund, we ended up managing the Rosebank more by default rather than by design," says Joseph Aminzadeh, Hospitality's deputy CEO.
"We set up a hotel management company with the same shareholders as the Fund's management company and the effects on hotel performance have been unbelievable."
"The Rosebank Hotel will be completely different to any hotel that is currently in the market."
The refurbishment will ensure that the Rosebank Hotel is well-positioned to benefit from the high occupancy opportunities during the months surrounding the 2010 World Cup and other upcoming high-profile events.
"Unlocking value in our existing portfolio and achieving the highest possible occupancy levels and best usages is a priority," says Nelson.
