A robust Zimbabwean lodge conglomerate has its eye on a major Cape City property enlargement. The hotelier throughout the northern border, Rainbow Tourism Group Africa (RTG), desires to broaden right into a Cape City property portfolio with a $5.6 million (R100 million) funding.
On RTG’s web site, you’ll be able to ebook lodging at six totally different resorts run by the Zimbabwean hotelier. These embody, amongst others, the Victoria Falls Rainbow Resort, Zimbezi River Lodge and Rainbow Towers Convention Centre. And there’s a brand new tab ‘To be suggested’ …
ZIMBABWE EYES CAPE TOWN PROPERTY
As such, RTG says it’s within the means of finalising the multi-million-Rand acquisition by way of its South African-registered subsidiary, RTG SA, experiences IOL. The aforementioned has entered into a purchase order settlement with Elleke Hospitality for the acquisition.
The Cape City property in query is a seven-storey business facility situated in Buitengracht Avenue, within the Cape City CBD. If the deal goes by way of, the Cape City property will endure ‘main refurbishment,’ says an RTG spokesperson. To finance this, RTG has secured $6-mllion mortgage facility from a Zimbabwean finance establishment.
HUGE GROWTH OPPORTUNITY
Moreover, RTG says the acquisition of the Cape City property aligns with the agency’s overarching mandate to pursue new development alternatives. Due to this fact, redevelopment of the Cape City property into a contemporary lodge might be in keeping with RTG’s excessive worldwide requirements. As such, the ultimate product will meet world-class benchmarks in design, visitor expertise and repair.
It should stand as a high-impact asset inside the area’s booming hospitality panorama. RTG says the Cape City property sits alongside a significant arterial route main into the CBD. Due to this fact, it has excessive visibility and pedestrian visitors. Likewise, it shares shut proximity to key enterprise and leisure landmarks, such because the V&A Waterfront, Cape City Worldwide Conference Centre (CTICC), the DHL Cape City Stadium and Bo-Kaap vacationer district.
CONFERENCING AND TOURISM
RTG acknowledges that Cape City is a globally acclaimed vacationer vacation spot. And a key hospitality hub providing excessive occupancy charges, well-developed infrastructure and worldwide customer enchantment. “Proximity to the CTICC enhances suitability for conferences and exhibitions. Whereas the encompassing cultural, culinary and leisure points of interest increase enchantment to home and worldwide vacationers,” concludes RTG.
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