Top Cape hotel beats schedule

Posted On Thursday, 06 November 2008 02:00 Published by
Rate this item
(0 votes)
Hotel resort and casino magnate Sol Kerzner's R1bn super luxury One&Only development on the Victoria & Alfred Waterfront is set to be completed four months ahead of schedule.

Chris van Gass

Cape Correspondent

HOTEL resort and casino magnate Sol Kerzner’s R1bn super luxury One&Only development on the Victoria & Alfred Waterfront is set to be completed four months ahead of schedule with the opening planned for May next year, Kerzner said yesterday.

The 131-key resort, which will provide accommodation “at a premium” to what Cape Town’s most expensive hotels charge, is rapidly nearing completion and Kerzner hopes it would reflect the same success his $1,5bn Atlantis in Dubai has shown since opening on September 24 after it turned in “ahead of expectations”.

Atlantis, the largest water- theme attraction in the Middle East, has since last month recorded occupancy levels of more than 90% and shown phenomenal success, according to Kerzner, in spite of the worldwide financial meltdown.

Kerzner said his group, which basically had two markets, one in America and another in the Indian Ocean and Middle East, had been hit by the world downturn with occupancy rates in the US down “considerably”.

While he was “not very pleased” with it and occupancy levels in the US market were down 10%, the hotels in the Indian Ocean and Dubai were not affected by the financial crisis. He said the Kerzner group was “fortunate” in that it had a good balance in its portfolio and the effects of the downturn would be less severe for it.

The recent drop in the rand against the dollar had not affected the costs of the Cape Town One&Only as “95%” of what was procured overseas in the construction of the resort was purchased at a “firm” level of between R7,70 and R8 to the dollar, he said.

He also said the contractors had agreed to the advanced opening date and it was the first time in the 40 years that he has been building hotels that the completion date of a project had been brought forward “by months” and he heaped praise on contractors WBHO, which he said were “world class”.

He said while the deadline for completion would present a challenge for WBHO, which is also involved in the construction of the Green Point stadium for the 2010 Soccer World Cup, it would be an even bigger challenge for the operations team of One&Only headed by Gérard Sintès. Kerzner announced the appointment of Sintès, a long-time associate who run his first ultra luxury One&Only Le Saint Géran in Mauritius, and “has been waiting for the opportunity to make the One&Only one of the world’s great hotels”.

One of three penthouses which form part of the One&Only, has already been sold for more than R100m. Kerzner said he hoped the other two, which also have views of Table Mountain and Robben Island on “one of the best sites Cape Town has to offer”, would also be sold soon.

He said a few remaining construction projects, including a hotel casino project near Casablanca were nearing completion. He also said he was “very bullish” about SA providing the venues for one of the best soccer World Cup tournaments yet seen.

Source: Business Day


Publisher: I-Net Bridge
Source: I-Net Bridge

Most Popular

Strong demand boosts Balwin as it claws back three months of no construction activity due to covid lockdowns

May 18, 2021
The Huntsman 2
JSE listed Balwin Properties, a developer that cares about environmentally responsible…

Construction kicks-off at the R500-million Boardwalk Mall

May 17, 2021
Architects presective of the exterior  of the Boardwalk Mall
Flanagan & Gerard Group and Emfuleni Resorts, a subsidiary of Sun International (JSE:…

Growthpoint leverages development prowess to re-imagine La Lucia Mall as a vibrant suburban mixed-use experience

May 17, 2021
Growthpoint_Kent_La_Lucia_Residential_Apartments
Growthpoint Properties (JSE: GRT) is applying its development expertise to unlock…

Successful degearing and continued dividend payments has allowed Investec Property Fund to continue rewarding shareholders

May 19, 2021
Andrew_Wooler_IPF (1)
Investec Property Fund, (“IPF”, or “the Fund”) today announced a resilient set of…

Residential sectional title sales again on the rise

May 27, 2021
Andrew_Golding_Golding_PropertyGroup
Over the past 15 years, the sectional title market in South Africa has become entrenched…

Please publish modules in offcanvas position.