PROPERTY: Nedbank Brings Westin Ownership Home
Recent Western Cape Business News
Nedbank Corporate Property Finance has provided funding to the Hospitality Property Fund Ltd (HPF) for the R750 million acquisition of the Arabella portfolio of hotels, effectively putting ownership of these prestigious properties in the hands of South Africans.
The portfolio comprises two exceptional hospitality properties: The Westin Grand Cape Town Arabella Quays in Cape Town and The Arabella Western Cape Hotel and Spa near Hermanus.
The portfolio was previously owned by Arabella South Africa Holding P/L, which was 100% owned by the German Schorghuber Stiftung and Co. Holding KG.
The jewel in the portfolio is undoubtedly the Westin Grand, a landmark luxury hotel established in August 2003 with an unrivalled offering of 483 superior guest rooms, sophisticated meeting venues, extensive conferencing and banqueting facilities, two restaurants, a bar and a cigar lounge, as well as the multiple award-winning Arabella Spa. Superbly located on Convention Square in Lower Long Street, this 5-star business and conferencing hotel is close to the Cape Town city centre and to the V&A Waterfront. It is not only physically connected to the Cape Town International Convention Centre (CTICC), but is also contractually secured as the official partner of the CTICC, regarded as the leading conference destination in Africa.
Named the “Best Business Hotel in South Africa” (World Travel Awards 2008) and listed among the top five hotels on the African continent (Conde Nast Traveller US 2006 Readers’ Choice Poll), the Westin Grand has been extremely well managed by the Arabella Starwood Hotels consortium to date, and a new management agreement has been concluded with Starwood Hotels and Resorts.
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