Wednesday, 11 November 2015 09:57

JLL sells Park Inn Sandton hotel for R265 million

The 273 room Park Inn Sandton hotel has been sold by way of Private Tender by JLL South Africa, realising a sale price of R265 million, 15% more than the vendor’s expectations.

Work is now underway in earnest at Sun International’s latest project – a major development in Pretoria’s eastern suburbs.

Sun International’s legendary Sun City in the North West Province is in the throes of an R800-million refurbishment to revitalise its iconic appeal and ensure that it retains its rightful place as South Africa’s entertainment mecca and one of the most exciting leisure destinations in the world.

Pepperclub Hotel & Spa, a five star hotel based in the heart of Cape Town, was awarded the title of Africa’s Luxury City Hotel at the 2015 World Luxury Hotel and Spa Awards ceremony held recently in Hong Kong.

Investors looking for exposure to UK real estate have two more options to choose from after the listing of Redefine International spin-off International Hotel Group and mall owner Capital & Regional.

Redefine International, the FTSE 250 income focused UK Real Estate Investment Trust, announces that it is has acquired a 25.35% shareholding in the International Hotel Group Limited for c. £3.8million.

International Hotel Group Limited is looking to become a GBP200m net asset value property company in the next three years.

Blackstone announced the final close of its latest global real estate fund, Blackstone Real Estate Partners VIII (“BREP VIII”), at $15.8 billion.

JLL’s latest thought leadership research paper ‘Spotlight on Africa: Opportunity on the Horizon’ explores the investment potential of hotels in Africa, and notes a significant improvement over the past decade, though it is not without its challenges.

Total income for SA's tourist accommodation industry rises 8.1% in nominal terms in July 2015 compared with July 2014.

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