Expanding Quantum appoints hospitality specialist to board

Posted On Thursday, 06 August 2009 02:00 Published by
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The company has appointed a hospitality industry specialist, Kamil Abdul-Karrim, as a director to strengthen the board.


Property Correspondent

ALTX-listed Quantum Property Group (QPG) has appointed a hospitality industry specialist, Kamil Abdul-Karrim, as a director to strengthen the board and boost capacity to roll out its hospitality real estate expansion strategy.

Chairman Chaim Cohen said yesterday Abdul-Karrim’s proven ability to project the feasibility, configuration and positioning of new hotel developments would be a valuable asset for QPG and a competitive advantage over peers.

“Abdul-Karrim’s understanding of the hospitality industry extends to market conditions and allied issues such as the state of the tourism industry, and is underpinned by financial and strategic marketing skills. The combination of these factors makes him an invaluable addition to QPG’s board,” Cohen said.

The group has its fingers on a number of prime developments, including a R75m investment in the Sandton Eye, the R1,4bn new mixed use development at the epicentre of the Sandton business hub.

QPG would acquire a 25% stake in the project.

The group plans to open its R1bn luxury development in Cape Town, 15 on Orange, in October.

This is QPG’s first development and encompasses a five-star hotel, 12 high-end penthouses, 2467m² of boutique retail space, and a four storey parking garage.

The 15 on Orange Hotel is expected to be the flagship in the Africa Pride Superior Deluxe Hotels collection.

Cohen said the group’s strategy was to create hospitality real estate landmarks and make the sector one of QPG’s investment “silos”.

“We want to set a new benchmark in the way hospitality is provided, in terms of guest experience as far as the amenities, space accommodation, interior and exterior architecture, etc are concerned.”

Cohen said some years back the group took a view that the hospitality sector was ripe for major growth as the new SA was being discovered by the rest of the world. The group also anticipated further discovery when the country staged the 2010 Soccer World Cup.

With regard to the downturn in the property market, Cohen said the group was managing as planned and responsibly.

“Naturally, we are well placed to be exploring current market opportunity and we are indeed doing that, but we have nothing to report at this stage.”

Cohen said the group intended to accumulate a portfolio that would generate capital growth for shareholders over the long term.

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Source: Business Day

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

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