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TRT
TRT
Tourvest Enters Hotel Market
Tourism Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/008144/06)
Share code: TRT
ISIN: ZAE000012472
TOURVEST ENTERS HOTEL MARKET
Johannesburg, 2 August 2006 - Tourvest has acquired the new four-star
Adderley Hotel in Cape Town as well as an interest in the hotel management
company Relais Hotels as the first step in establishing a presence in the
accommodation sector of the tourism market.
Tourvest director Jan Roesch said today the group"s expansion into
accommodation properties was part of a growth strategy designed to extend
Tourvest"s reach into new markets and market segments, as well as to extract
maximum value from the large tourist volumes sourced and directed by its
travel agency and tour operator businesses.
In related moves, Tourvest has already acquired a number of tourist-
orientated restaurants - most recently the The Tank in Cape Town - and
last month bought a majority stake in the Caribbean destination retailer
Ganzee.
The Adderley is a 28-suite luxury boutique hotel alongside the historical
Groote Kerk and across the road from Mandela Rhodes Place at the upper end
of Adderley Street, near Cape Town"s parliamentary precinct and the Company
Gardens. It is structurally complete but the reception, restaurant and bar
facilities still have to be fitted out before its planned opening in time
for the Cape"s peak season at the end of the year. Tourvest has acquired
the hotel for R23 million and will spend a further R6 million on its
completion.
"We selected the boutique segment as the ideal entry point into the hotel
market. The Adderley meets all this segment"s standards in terms of size,
style and location, and we believe it will appeal strongly to the tourist
groups we are targeting," Roesch said.
The Adderley will be operated by Relais Hotels, a well-established business
which already manages two other boutique hotels in Cape Town and two more in
the Western Cape.
"Our stake in Relais Hotels immediately gives Tourvest the necessary hotel
management competency, including operating systems and a central reservation
capability. It also extends our reach to the four other hotels managed by
Relais, all of them highly desirable and successful properties," Roesch
said.
For further information call Jan Roesch on (011) 728 0540
Issued by du Plessis Associates on behalf of Tourism Investment Corporation.
dPA contact Helen McKane Tel : +27 11 728 4701, Fax: +27 11 728 2547,
Mobile: 082 330 2034 or e-mail: tourvest@dpapr.com
Sponsor : Investec Bank Limited
website : www.tourvest.co.za
Date: 02/08/2006 03:01:16 PM Produced by the JSE SENS Department
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