Dec 04, 2009
Hyprop, Southern Sun bullish on the post-recession prospects for Hyde Park hotelBack
In 2008, Southern Sun entered into a joint venture with Hyprop Investments to build this upmarket four-star hotel.
Hyprop will manage the hotel, which forms part of its broader expansion strategy. Southern Sun believes that the hotel is an exciting addition to its existing portfolio.
“We opened the hotel at the worst time of economic crisis and we welcome the new gross domestic product figures for the last quarter, which indicate that the recession is over. We are going to maximise occupancy for the 2010 FIFA World Cup,” Rodel said during a media visit last month.
He added that the company was still confident of the initial yield of 11% that the hotel was expected to generate.
The hotel formed part of Hyprop Investments’ R810-million expansion plan, which includes the R370-million expansion of The Glen mall, south of Johannesburg, and the R250-million Canal Walk, in Cape Town.
“The Glen is now complete and fully let. It is trading beyond our expectations,” said Rodel.
Southern Sun operations direc- tor John van Rooyen said the com- pany had seen an unprecedented increase in demand for high-quality hotel rooms, particularly in the Sandton area, where demand for more hotel beds was on the increase. “The Sandton and north- ern Johannesburg area has become a much-desired destination.”
Edited by: Martin Zhuwakinyu
Creamer Media Senior Deputy Editor
To subscribe email firstname.lastname@example.org or click here
To advertise email email@example.com or click here
Other News This Week News
Recent Research Reports
Automotive 2016: A review of South Africa's automotive sector (PDF Report)
Creamer Media’s Automotive 2016 Report provides an overview of South Africa’s automotive industry over the past 12 months. The report provides insight into local demand and production, vehicle imports and exports, investment and competitiveness in the sector, as well...
Energy Roundup – April 2016 (PDF Report)
The April 2016 roundup covers activities across South Africa for March 2016 and includes details of a North Gauteng High Court Judge’s dismissal of a court application to postpone the 9.4% electricity tariff increase, which the National Energy Regulator of South...
Electricity 2016: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2016 report provides an overview of South Africa’s electricity sector, focusing on State-owned power utility Eskom and independent power producers, electricity planning, transmission, distribution and the theft thereof, besides other issues.
Energy Roundup – March 2016 (PDF Report)
The March 2016 roundup covers activities across South Africa for February 2016 and includes details of the Department of Energy’s plans to announce the preferred bidders for the first tranche of the coal independent power producer procurement programme; the Council...
Steel 2016: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2016 Report examines South Africa’s steel industry over the past 12 months. The report provides insight into the global steel market and and particularly into South South Africa’s steel sector, including production and consumption, main...
Construction 2016: A review of South Africa's construction industry (PDF Report)
Creamer Media’s Construction 2016 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; key participants; local demand; geographic diversification; corporate activity; black economic...
This Week's Magazine
The two spent-fuel pools at Eskom’s 1 800 MW Koeberg nuclear power station, in the Western Cape, will be full by 2018, increasing the urgency on the State-owned utility to begin pursuing alternative storage options. Koeberg has, over the past 32 years, accumulated a...
South Africa lacks the skills necessary to implement the government’s plan to build 9.6 GWe of new nuclear energy capacity, warns nuclear-qualified Quality Strategies International CEO David Crawford. “Apart from the concern about the affordability of the programme,...
Cybersecurity multinational Check Point has released its latest 700-series cybersecurity systems for small businesses, which draw on its international threat intelligence to provide up-to-date cybersecurity, says Check Point South Africa country manager Doros...
Daimler Trucks and Buses Southern Africa (DTBSA) saw a marked slip in new-vehicle sales in 2015 compared with 2014, with sales dropping from 5 897 units to 5 300 units. The decline came as the South African new truck and bus market declined from 31 558 units in 2014...
Group of 20 (G-20) economies threatened to penalise havens that don’t share information on their banking clients after the leak of the Panama Papers provoked a global uproar over tax evasion. The G-20 will consider “defensive measures” against financial centers and...