Fairmont Zimbali Hotel Condominium Suites released (South Africa)
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Fairmont Zimbali Hotel Condominium Suites released (South Africa)
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Category: Africa Indian Ocean - South Africa - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2009-05-25
A RARE opportunity has arisen for national and international property investors to acquire a share in the magnificent Fairmont Zimbali Hotel & Resort under construction on the KwaZulu-Natal north coast.
In terms of a pre-launch investment opportunity, the group will bring to the market hotel condominium suites within the Zimbali Coastal Resort development. A limited number of hotel suites will be offered, enabling investors the opportunity to secure rental yield from hotel occupancies as well as access to the property for 60 days annually.
Membership will also be granted to the exclusive Fairmont Presidential Circle that entitles members to automatic upgrades within five-star Fairmont of Raffles hotels internationally.
IFA Hotels & Resorts vice-president vacation ownership Kevin Wash said the group was offering investors a guaranteed 10% return per annum on the nett purchase value of the condominiums for five years. Investors would also not be charged levies or fees during the initial period.
The fully-furnished suites will comply with five-star specifications and hotel suite occupants will have full access to the hotel amenities including the Willow Stream spa, private beach club, children’s club, gym, hotel concierge and reception services, pools and restaurants and the two Gary Player-designed championship golf courses.
Two sizes are on offer with 72m² sea-facing condominiums on the market for R2,85m and the 147m² properties commanding R5,472m. The offer is now open.
The multi-billion-rand resort hotel, spa and luxury apartment complex is being developed by international group IFA Hotels & Resorts. Listed on the Kuwaiti and Johannesburg Stock Exchanges, the group has a market capitalisation exceeding $1bn with the main shareholder being Kuwait-based International Financial Advisors.
Globally, IFA Hotels & Resorts has entered into strategic alliances and joint venture partnerships with leading companies including Kingdom Hotel Investments (Saudi Arabia), Nakheel (United Arab Emirates), United Investments Portugal, Resorts Condominiums International, Tongaat Hulett Developments and Boschendal (South Africa), Raimon Land (Thailand), Ohlthaver & List (Namibia), Indian Ocean Resorts (Seychelles) and most recently Related in the US.
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