The three star hotel, which has commenced trading, comprises 175 rooms, a restaurant and a bar, as well as parking for 30 cars.  Ground floor retail space, measuring 549m², is currently being completed.
 
The property is jointly owned by Zenprop Property Holdings, who project managed the development of the hotel, and developers ISO Leisure.
 
The hotel forms part of the city block bounded by St George's Mall, and Church and Adderley Streets.  The development of this property forms part of the redevelopment initiative in the area that includes the conversion of older commercial properties into luxury residential apartments, hotels and "A Grade" offices and shops.
 
The hotel is within close proximity of the R1 billion "Mandela Rhodes Place" development, and across the road from the five star, 180-room Taj Hotel, currently being developed by Eurocape and the Indian Hotels Company.
 
Brian Roberts, Divisional Director for the Gauteng Division of Nedbank Corporate Property Finance says, “As the market leader in property finance, Nedbank is proud to be associated with the development of the St George’s Mall Holiday Inn.  With all the development and re-development that is taking place along St George’s Mall, we are confident that this hotel will enhance the façade of the Mother City.”
 
Rodney Weinstein, director of Zenprop Property Holdings adds that the future for the hotel industry in South Africa is particularly bright.  “The current focus on marketing and development of tourism by the government and tourism bodies, along with improved economy of SA bodes well for hotel demand.  The impending Soccer World Cup further impacts this positive trend and there is an increase in demand by hotel operators to develop additional hotels within major South African cities.”
 
Zenprop Property Holdings (Pty) Ltd is a South African-based privately-held property investment, development and management company.  It has in-house expertise covering all facets of the real-estate industry, and employs a staff of 95 in its various business units in Johannesburg, Cape Town and Durban.
Publisher: eProp
Source: NCPF