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Jun 23, 2008:
Funding of R105m has been provided funding for the development of the new St George's Mall Holiday Inn hotel in Adderley Street in Cape Town.
The three star hotel, which has commenced trading, comprises 175 rooms, a restaurant and a bar, as well as parking for 30 cars. Ground floor retail space, measuring 549sq m, is currently being completed.
The property is jointly owned by Zenprop Property Holdings, who project managed the development of the hotel, and developers ISO Leisure.
The hotel forms part of the city block bounded by St George's Mall, and Church and Adderley Streets. The development of this property forms part of the redevelopment initiative in the area that includes the conversion of older commercial properties into luxury residential apartments, hotels and "A Grade" offices and shops.
The hotel is within close proximity of the R1bn "Mandela Rhodes Place" development, and across the road from the five star, 180-room Taj Hotel, currently being developed by Eurocape and the Indian Hotels Company.
Brian Roberts, divisional director for the Gauteng division of Nedbank, and Rodney Weinstein, director of Zenprop Property Holdings, adds that the future for the hotel industry in South Africa is particularly bright. "The current focus on marketing and development of tourism by the government and tourism bodies, along with improved economy of SA bodes well for hotel demand. The impending Soccer World Cup further influences this positive trend and there is an increase in demand by hotel operators to develop additional hotels within major South African cities."
For more information contact Brian Roberts on 011 295 9909 or send an email.
