November 17, 2003

By Audrey d'Angelo

Cape Town - Sun King Sol Kerzner, who was kept out of South Africa until this year by a restraint of trade agreement, has returned to build a six-star One & Only resort hotel at Cape Town's Victoria & Alfred Waterfront.

Announcing the project on Friday, Kerzner affirmed his faith in a growing tourism industry in this country, despite suggestions by some sections of the industry that it could be damaged by the stronger rand.

Kerzner International's black empowerment partner in the waterfront project, and in others to be developed, is Matemaku, an investment company formed by Moss Mashishi, who was founder and chief executive of Moribo Leisure.

Matemaku is expected to have slightly more than 50 percent of the hotel.  

Kerzner said he had chosen South Africa for his latest superluxury hotel because of its popularity as a holiday destination. About 90 percent of guests at the hotel were expected to be from overseas.

Kerzner and his son Butch, president of Kerzner International, have pledged R20 million towards the building of a hotel training school on the campus of Technikon Witwatersrand in Johannesburg.

Bruce Hutchison, regional director of One & Only, said it was impossible at this stage to say how much the hotel would cost. It was estimated that each of the 150 rooms, with a minimum size of 65m2, would cost about R3 million.

Construction is expected to begin in mid-2005 and end by 2006.