South African hotels see interest from international, local businesses
South Africa is seeing some notable hotel investment and development by small and large companies alike.SouthAfrica.info?notes that in the country’s Western Cape region, boutique hotels and guesthouses have seen a “surge in investment” by overseas buyers, according to Pam Golding Lodges and Guesthouses (PGLAG).
The outlook for investment in tourism locations in the province is positive as statistics show that South Africa saw a 10.4 percent increase in foreign visitors from January to October 2012 compared to the same period in 2011, said Peter Bruil, the managing director of PGLAG, a subsidiary of Pam Golding Hospitality.
An increase in international and local visitors, together with increased sales by PGLAG, culminated in a good 2012 for the Western Cape’s property market. The sale of two four-star guesthouses in Somerset West and Hermanus further improved the outlook.
Albourne Guesthouse in Somerset West was bought by Korevest Leisure Management Group, a specialist investment company focusing on small and medium-sized businesses in emerging markets, while Whale Rock Cottage in Hermanus was purchased by Dave and Anouk Bakker.
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Source: Jena Tesse Fox (2013). South African hotels see interest from international, local businesses, hotel Management.net?http://www.hotelmanagement.net/transactions/south-african-hotels-see-interest-from-international-local-businesses-20141 published Apr 17, 2013. Viewed Apr 22, 2013,