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South African property development company, Billion Group – known for its development of major malls – on Wednesday evening celebrated its inroads into hotel development with the opening of the four-star, R130-million Mayfair Hotel in Mthatha, adjacent to the company’s R1.4-billion BT Ngebs City regional mall.
“Recently, we’ve witnessed a noticeable shift in the nature of hotel development in South Africa and the manner in which such developments are funded and owned,” states Wayne Troughton, CEO of HTI Consulting, a specialist hospitality and real estate consulting firm.
Intu properties plc (‘intu’) announces that it has exchanged and completed contracts with entities of the Ivanhoé Cambridge Group to acquire Xanadú shopping centre in Madrid, Spain, along with its associated management company and the SnowZone operating company, for a total cash consideration of €530 million, before working capital and other adjustments.
In a research study commissioned by Tongaat Hulett and conducted by GIW Consulting (Pty) Ltd, director Graham Wood says following an analysis of STR Global's independent metrics of the Umhlanga Hotel market, several interesting conclusions arose.