Hotel group secures R240m deal to buy Fairmont Zimbali Hotel
Updated | By Nothando Mkhize
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.
READ: Durban guesthouse owner fined for helping tourists in SA illegally
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."
Show's Stories
-
Chinese sightseeing destination looking to hire a Monkey King
You can be a Monkey King for an easy R15k a month.
Carol Ofori 12 hours ago -
Woman shows us what she does when dating apps don't work
We guess this method of finding the one is worth the risk...
Vic Naidoo 12 hours ago