Consortium committed to top product

Posted On Thursday, 20 November 2003 02:00 Published by
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THE InterContinental Sandton Sun & Towers is owned by The Sandton Consortium, in which Liberty Properties is the majority shareholder (60%), with Pareto Limited (the retail ownership arm of the Eskom Pension Fund) owning 25% and the Standard Group Retirement Fund 15%.

THE InterContinental Sandton Sun & Towers is owned by The Sandton Consortium, in which Liberty Properties is the majority shareholder (60%), with Pareto Limited (the retail ownership arm of the Eskom Pension Fund) owning 25% and the Standard Group Retirement Fund 15%.

The consortium is an entity put together several years ago by these three organisations for the purpose of developing properties in the Sandton area.

The owners employ Southern Sun Hotels to manage the InterContinental Sandton Sun & Towers. Expenditure for the upgrades and refurbishments to the hotel complex comes out of a monthly reserve fund created by the consortium partners for this specific purpose.

Jim McLean, MD of Liberty Properties, says that had the reserve not been sufficient for the refurbishment programme, the consortium partners would have been prepared to inject additional capital to ensure that the right product was produced.

"Southern Sun, as the managers of the hotel complex, participate with us in determining how this money should be spent and they provide valuable advice and input."

He says that further refurbishments and upgrades to the hotel will be phased in gradually "as and when deemed appropriate".

McLean says that when the original Sandton Sun Hotel was developed in 1983 it was not commonplace, even for five-star hotels, to include standalone showers in the bedrooms.

"The owners, along with Southern Sun and the professional designer, need to be complimented on the manner in which they have succeeded in reconfiguring the hotel bedrooms and bathrooms on the top three floors to incorporate this new facility, which was undertaken in conjunction with a total refurbishment of the rooms.

"The result is a room of exceptional standard, in keeping with the service levels in the hotel that are already in tune with the needs of the 21st century.

"Even without the refurbishments, the InterContinental Sandton Sun & Towers had a reputation for world-class service and excellence.

"But there is no room for complacency. We have to ensure that guests who stay at the hotel are continually provided with a product that is in line with the best international standards, as befits the InterContinental brand," says McLean.

The Sandton Convention Centre, an integral part of the complex, was developed by Liberty Properties and leased for a period of 20 years to Tsogo Sun. Ownership of the convention centre is vested in the Sandton Consortium.

Liberty Properties developed Sandton City, one of SA's largest regional shopping centres.

Liberty Properties owns 70% of the adjacent Sandton Square retail precinct, with Transnet Pension Fund owning 23% and the Standard Group Retirement Fund 7% The complex represents a multipurpose development unparalleled in the southern hemisphere.


Publisher: Business Day
Source: Business Day

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