Hotel group secures R240m deal to buy Fairmont Zimbali Hotel
The group, Capital Hotels and Apartments is set to buy the Fairmont Zimbali Hotel in Ballito.
The hotel went into voluntary business rescue in September last year - as the country's tourism sector was hit hard by the restrictions put in place due to the coronavirus pandemic.
The establishment retrenched over 200 staff a month later.
KZN's Economic Development and Tourism Department has welcomed the R240 million deal.
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Spokesperson Bheki Mbanjwa said: "The deal is conditional pending the Competition Commission's approval and the creditors accepting the business rescue plan.
"One hundred and forty-three jobs will be saved as part of the process. What is even more interesting is that the potential buyer is planning a multi-million-rand investment on the establishment.
"Economic Development, Tourism and Environmental Affairs MEC Ravi Pillay said this augurs well for the province's economic recovery efforts."
