SOUTH AFRICA – Akani Properties, a 100% black-owned property development, management and investment company has won a bid to develop a US$22.9 million hotel and conference facility in Middelburg, the bubbling mining and farming town in Mpumalanga.
The 150-room hotel and 1,000-seater capacity conference centre will have facilities for business travellers and leisure tourists and was being developed despite the Covid-19 pandemic, which has forced many existing facilities to trade at very low levels currently, and even close.
The group said in a statement that the capital expenditure would be funded through debt 20 percent and equity 80 percent.
The development has been part of a municipal development strategy since 2014 and follows on the heels of the launch of a US$62.3 million OR Tambo Radisson hotel and conference precinct in Kempton Park, by Akani, in October last year.
Akani Properties managing director Zamani Letjane said Middelburg had been growing steadily over the past few years due to the mining industry and related industries, and the development matched the company’s investment strategy.
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