Complex transaction, worth R240m, takes hotel out of business rescue.
Specialist tourism advisor, TPF Advisors, part of the Village N Life Group recently consulted to a South African consortium on the acquisition of Pezula Hotel on South Africa’s Garden Route for a value of R240m. The luxury Pezula Hotel consists of a commercial area of over 5,800 square metres and 78 sectional title suites of nearly 6,400 square metres.
The consortium has appointed Village n Life as the new management company and has already started investing in upgrading the hotel.
Founding Partner of TPF Advisors, Hannes Swart said: “The Pezula Hotel transaction was extremely complex due to the large number of stakeholders who needed to be consulted. Following extensive negotiations with the owner of the hotel company, the owners of the commercial section, the owners of the 78 sectional title suites, all creditors of the hotel and all the members of the body corporate, Pezula Hotel was successfully taken out of business rescue.
“The new owner is committed to tourism growth in South Africa and believes the Garden Route has significant growth potential.”