Akani wins bid to build a R350m Middelburg Hotel

Artist Impression


15-01-2021
Read : 244 times
IOL
Source

CAPE TOWN - Akani Properties, a 100 percent black-owned property development, management and investment company has won a bid to develop a R350 million hotel and conference facility in Middelburg, the growing mining and farming town in Mpumalanga.

The 150room hotel and 1 000-seater capacity conference centre will have facilities for business travellers and leisure tourists, and was being developed despite the Covid-19 pandemic, which has forced many existing facilities to trade at very low levels currently, and even close.

The group said yesterday that the capital expenditure would be funded through debt (20 percent) and equity (80 percent), a statement said yesterday.

The development has been part of a municipal development strategy since 2014 and follows on the heels of the launch of a R950 million OR Tambo Radisson hotel and conference precinct in Kempton Park, by Akani, in October last year.

Akani Properties MD Zamani Letjane said Middelburg had been growing steadily over the past few years due to the mining industry and related industries, and the development matched the company's investment strategy.

BUSINESS REPORT

Sign up for Free Daily Building and Construction News