Hotels and Leisure
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.
