Hotels and Leisure

Absa sues Nedbank over Pinnacle Point losses

Absa turns to court to recover R773m from Nedbank for losses relating to an exposure to Pinnacle Point, but the latter says it will defend the action.

Centenary celebrations a boost to the hospitality industry

Fourteen trains will transport people to the ANC's centenary celebrations in Bloemfontein, the Passenger Rail Agency of SA said on Thursday.

Hospitality warns of earnings drop

Hotel-focused property loan stock company Hospitality Property Fund, reeling because of an embattled hotel market, warned yesterday that distributable earnings per combined A and B unit for the six months to end-December were expected to be at least 28% lower than the corresponding period last year.

US$200m Zambia’s largest mixed-use development opens

LUSAKA – The 30 000m² Levy Shopping Centre opened its doors in the Zambian capital, Lusaka, on Thursday morning with thousands of people streaming through the doors within the first few hours

Mozambique’s real estate market is opening up to SA investors

Boasting 2500km of coastline, the once war-ravaged Mozambique is becoming popular among SA leisure property investors looking for an unspoilt alternative to Clifton, Plett or Ballito.

Hyprop concludes deal to dispose the Grace building Rosebank

Hyprop concludes deal with Southern Sun to dispose the Grace building Rosebank for R85 million. The transaction encompassed the sale of the entire building including the hotel premises and offices.

Landmark hotel in Rosebank, The Grace Hotel may reopen next year

JSE-listed Hyprop Investments said on Wednesday it has received significant interest from local and international hotel operators to reopen The Grace Hotel, in Johannesburg, which will close its doors on August 31.

Part of Rosebank skyline, The Grace Hotel closes its doors

Hyprop Investments Limited has announced the termination of its lease agreement with the Grace Hotel (Pty) Limited and the closure of the establishment by the end of August 2011. Pieter Prinsloo, CEO of listed property giant Hyprop, which owns the building, said the hotel has been hard-hit by a decline in foreign and local visitors, as well as a contraction in the corporate travel industry.

Nedbank Corporate Property Finance deal brings Westin ownership home

Nedbank Corporate Property Finance has provided funding to the Hospitality Property Fund Ltd (HPF) for the R750 million acquisition of the Arabella portfolio of hotels, effectively putting ownership of these prestigious properties in the hands of South Africans.

Zimbabwe's Meikles to revamp Hotel and Supermarkets

Zimbabwe's hotel group Meikles Africa will spend $53 million by end-March 2011 to revamp its hotels and supermarkets and hopes to return to profit by year-end, the company's chairman.

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