Specialist tourism advisor TPF Advisors recently consulted a South African consortium on the acquisition of the Pezula Hotel on Garden Route for a value of R240m ($16.6m).
The luxury hotel consists of a commercial area of over 5,800m2 and 78 sectional title suites of nearly 6,400m2.
The consortium has appointed Village n Life as the new management company and has already started investing in upgrading the hotel.
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.