The Capital Hotels and Apartments has been confirmed as the business rescue practitioner’s preferred bidder for the iconic Fairmont Zimbali Resort on KwaZulu Natal’s North Coast, with the deal likely to be completed once conditions precedent, including Competition Commission approval, have been met.
The 18 acre property, located in the heart of the exclusive Zimbali Coastal Resort eco-estate, includes 150 rooms and suites, conferencing for 750 delegates, and several restaurants, in addition to its lush outdoor leisure offerings.
The Capital Hotels and Apartments will invest R30 million in an extensive renovation and refurbishment project on the five star hotel, including transforming suites into the flexible apartment-style accommodation that has become synonymous with the group.
Funding for the deal was secured based on the hotel group’s track record of being a stable yet agile business that has proved to shareholders and investors that it has a solid track record of taking advantage of investment opportunities, and achieving outstanding returns with them.
Doors of the renamed The Capital Zimbali are likely to open to leisure guests and conferencing groups in September 2021, with one of its key business objectives being to retain the hotel’s current staff complement, as far as possible.
“The Capital Hotels and Apartments has built its portfolio of hotels by investing in the market at times when others would not, by identifying suitable distressed properties to add depth and value to our mix of business and leisure offerings,” says Marc Wachsberger, managing director of The Capital Hotels and Apartments.
“The Fairmont Zimbali Resort is an iconic landmark on the KwaZulu Natal North Coast and a destination of choice for South Africa’s domestic leisure market, and among conference organisers. We are looking forward to welcoming guests to the property in September, once the roll-out of COVID-19 vaccines has made domestic travel more appealing, and the country is beyond the anticipated third wave of the pandemic.”
The Capital Hotels and Apartments already has distinctive purpose-built properties in Johannesburg’s Sandton, Melrose, and Rosebank; in Menlyn, Pretoria; in Cape Town; and in Umhlanga, with a new property currently under construction in Mpumalanga’s Nelspruit.