A powerful Zimbabwean hotel conglomerate has its eye on a significant Cape Town property expansion. The hotelier across the northern border, Rainbow Tourism Group Africa (RTG), wants to expand into a Cape Town property portfolio with a $5.6 million (R100 million) investment.
On RTG’s website, you can book accommodation at six different resorts run by the Zimbabwean hotelier. These include, amongst others, the Victoria Falls Rainbow Hotel, Zimbezi River Lodge and Rainbow Towers Conference Centre. And there’s a new tab ‘To be advised’ …
ZIMBABWE EYES CAPE TOWN PROPERTY
As such, RTG says it’s in the process of finalising the multi-million-Rand acquisition through its South African-registered subsidiary, RTG SA, reports IOL. The aforementioned has entered into a purchase agreement with Elleke Hospitality for the acquisition.
The Cape Town property in question is a seven-storey commercial facility located in Buitengracht Street, in the Cape Town CBD. If the deal goes through, the Cape Town property will undergo ‘major refurbishment,’ says an RTG spokesperson. To finance this, RTG has secured $6-mllion loan facility from a Zimbabwean finance institution.
HUGE GROWTH OPPORTUNITY
Furthermore, RTG says the acquisition of the Cape Town property aligns with the firm’s overarching mandate to pursue new growth opportunities. Therefore, redevelopment of the Cape Town property into a modern hotel will be consistent with RTG’s high international standards. As such, the final product will meet world-class benchmarks in design, guest experience and service.
It will stand as a high-impact asset within the region’s booming hospitality landscape. RTG says the Cape Town property sits along a major arterial route leading into the CBD. Therefore, it has high visibility and pedestrian traffic. Likewise, it shares close proximity to key business and leisure landmarks, such as the V&A Waterfront, Cape Town International Convention Centre (CTICC), the DHL Cape Town Stadium and Bo-Kaap tourist district.
CONFERENCING AND TOURISM
RTG acknowledges that Cape Town is a globally acclaimed tourist destination. And a key hospitality hub offering high occupancy rates, well-developed infrastructure and international visitor appeal. “Proximity to the CTICC enhances suitability for conferences and exhibitions. While the surrounding cultural, culinary and recreational attractions boost appeal to domestic and international tourists,” concludes RTG.
ARE YOU EXCITED TO SEE ANOTHER MAJOR HOTEL IN CAPE TOWN?
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