PROPERTY: Other Leisure Property News
Recent Western Cape Business News
There are a couple of intriguing deals suggesting some smart investors may be seeing value in leisure niches in the Cape.
CBN hears that another famous wine farm owner – Harold Johnson of Zevenwacht – has taken a liking to the sleepy seaside suburb of Fish Hoek.
Johnson – who interestingly was a part owner of Boschendal up until a few years ago – apparently forked out R10 million to buy the Avenue Hotel in Fish Hoek, which is now being revamped into an upmarket retirement hotel.
The Avenue Hotel was previously associated with Queensgate, which briefly operated the Radisson Hotel in Granger Bay before running into financial problems.
Johnson – via Zewenwacht – has apparently also invested in a Fish Hoek restaurant (Barracudas) and the neighbouring Calders King Hotel and Conference.
Further afield in on the Garden Route, African Hotels and Adventure (AHA), the property management company of Tourvest, has snatched the management, sales and marketing contract for The Rex Hotel in Knysna.
CBN readers will surely remember Tourvest making its presence felt in the Western Cape in 2007 when it acquired well known eateries like Quay Four in the V&A Waterfront, the Black Marlin at Miller’s Point, La Med in Camps Bay and Bertha’s in Simonstown. Last year Tourvest added the Hildebrand Restaurant in Cape Town to its menu.
Tourvest’s register of local interests also include the Adderley Hotel, L’Ermitage Franschhoek Chateau & Villas, Bantry Bay Luxury Suites, Simon’s Town Quayside Hotel, Leisure Bay Luxury Suites and Harbour Bridge Hotel & Suites.
The Rex Hotel deal is the first time tourism conglomerate Tourvest has clinched a property deal on the Garden Route – and follows the company’s recent opening of a Quay Four restaurant in Knysna.
The Rex will no doubt serve as a beachhead for Tourvest to grab other opportunities on the Garden Route.
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