HOSPITALITY: Finance Arranged For Park Inn
Recent Western Cape Business News
Cape Town’s newest hotel - the 120-room Park Inn by Radisson in Cape Town’s Foreshore district - has secured its funding through specialist finance arrangers.
The Rezidor Hotel Group, one of the fastest growing global hotel companies, has tapped into the demand for middle-market hotel rooms in Cape Town, redeveloping an office building in Heerengracht Street in the CBD, near the Cape Town International Convention Centre and within walking distance of the V&A Waterfront. The hotel features a “RBG Restaurant & Bar”, gym, business centre, rooftop conference room for 120 people, a rooftop terrace, a bar and a swimming pool, all with spectacular mountain and harbour views.
After the successful 2010 launch of their first Park Inn by Radisson in Sandton, Johannesburg the group is up-beat. Says Andrew McLachlan, Rezidor’s SA-based vice-president for business development for Africa and the Indian Ocean islands: “While Cape Town has a proliferation of luxury accommodation, we identified a demand for middle market, comfortable, well-positioned hotels; the Park Inn by Radisson fits perfectly into this.” Opening is scheduled for November 2011.
The founders of Construct Capital, Clifford Kupritz and Ryan Wintle, which focuses on development finance and traditional commercial property finance, have managed development loans in excess of R3bn, bringing extensive banking and development experience. According to Kupritz, this new hotel is ideally positioned in terms of its locality and market and while funding for new hotels has been incredibly difficult to come by, they were still able to raise funds for the right projects.
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