KwaZulu-Natal Correspondent

DURBAN IFA Hotels & Resorts has acquired the Afrisun KwaZulu-Natal investment in Zimbali Lodge, part of the exclusive hotel and residential development Zimbali Coastal Resort, for an undisclosed sum.

The sale will assist Afrisun in funding the R650m Sibaya Resort and Entertainment World under construction at Umdloti, on the north coast. The casino development is to open this year.

The move follows the announcement in November that Kuwaiti multinational IFA Hotels & Resorts had entered a joint venture with Moreland Developments to acquire a 50% equity stake in Zimbali Coastal Resort and the second development, Zimbali Lakes.

The lodge purchase is perceived as being the key to unlocking the potential of the developments by providing an integrated experience for property owners and guests.

IFA has indicated it will develop another five-star hotel, a new 18-hole golf course and a beach resort managed under the Sun International SA (Sisa) Vacation Club brand.

Several weeks ago IFA and Sisa signed an agreement whereby Sisa continued managing Zimbali Lodge, Zimbali Country Club and certain other facilities, new projects and resort residential services planned at the resort.

Apr 29 2004 07:19:02:000AM Nicola Jenvey Business Day 1st Edition