HAVING predicted that SA's hospitality and leisure market was poised to benefit from greatly increased investor confidence, particularly from foreign investors, Golding Hotel Investment Consultants concluded deals up 76% at more than R220m for the financial year to February.
"While global instability is placing hotel operators worldwide under tremendous pressure, the industry in SA is bucking this trend, boosted by increased tourism and high-profile events such as the world summit and Cricket World Cup," says Golding MD Joop Demes.
While it is still more cost- effective for foreign investors to buy an existing operation than to build, there is a growing trend towards erecting new buildings, says Demes.
Among these new buildings are two five-star boutique hotels being built in the Cape winelands, a five-star resort hotel on the Garden Route and a niche hotel operation a new concept popular in the US and Europe.
An added attraction is government's hospitality-industry incentive of rebates of up to 30% on capital spending for putting up buildings or expanding existing operations, creating employment and boosting the economy.
Cape Town is attracting a large share of the greenfield projects, while Gauteng, being more a corporate market, is also enjoying significantly increased investment in the hospitality and leisure industry, he says.
Because of this Golding has launched an office in Gauteng.
Golding Hotel Investment Consultants is negotiating two greenfield projects in Cape Town and two more in Johannesburg on behalf of foreign investors.
Publisher: Business Day
Source: Business Day
Greenfield leisure projects taking off.
Posted On Friday, 09 May 2003 02:00 Published by eProperty News
HAVING predicted that SA's hospitality and leisure market was poised to benefit from greatly increased investor confidence, particularly from foreign investors, Golding Hotel Investment Consultants concluded deals up 76% at more than R220m for the financial year to February.
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