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New hotel for Cape Town Waterfront
Tuesday, 07 January 2014

The V&A Waterfront in Cape Town has confirmed its intention to develop a mid-market, internationally-branded hotel in the coming year.

‘’Given the growth in domestic, business and leisure tourism, coupled with consistent growth in the occupancy at our current hotels over the past 18 months, we believe the opportunity exists for a mid-market hotel development,’’ said David Green, CEO of the V&A Waterfront.

With more than 24 million visitors a year, and  recognised as an economic powerhouse that has contributed almost $18 billion to South Africa’s gross domestic product (GDP) in the last 10 years, the Waterfront  is an attractive prospect for international hotel operators.

With the announcement of this development, an opportunity for a new operator is presented for the first time since the new build for the One & Only in 2009. The newest of the Waterfront hotels is the Queen Victoria, the result of the refurbishment of an existing building in 2011.

The V&A is currently home to six 5-star hotels, two 4-star hotels and two 3-star hotels. Within Cape Town, there are 24 5-star, 54 4-star and 20 3-star hotels.

“The V&A Waterfront continues to attract a premium in rates and higher-than-average occupancies, and we believe an internationally-branded and marketed hotel will add to the portfolio and meet the increasing demand for such accommodation,’’ said Green.

By : etnw
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