The well-known Pezula Hotel on SA’s Garden Route has been saved from business rescue by a South African consortium, which purchased the property for €14.7m, with the consortium's total tourism investment being R1.5bn (€91.6m).
A complex transaction facilitated by TPF Advisors, part of the Village N Life Group, has been completed following extensive negotiations with the owner of the hotel company, owners of the commercial section, the owners of the 78 sectional title suites, all creditors of the hotel, and all the members of the body corporate.
The consortium members are the Executive Directors and Senior Management of Village N Life, headed by Johannes Lategan, Roelof Troskie and Maree Brink. Founding Partner of TPF Advisors, Hannes Swart, says: “The new owner [the consortium] is committed to tourism growth in South Africa and believes the Garden Route has significant growth potential.”
Pezula went into business rescue in November 2016, but thanks to the recent transaction, can look forward to not just getting back to business, but major upgrades that are in the pipeline. “Exciting new projects include the launch of a showcase of unique cars with a distinctly South African story, and a multimedia display of the Garden Route and adventures and activities in and around Knysna. There will also be extensive investments in landscaping at the property,” says Brink.
He says the main vision for the hotel is to become an exceptional host for visitors on the Garden Route, and to offer them an unforgettable experience.
Village N Life sets up hotels with the objective being to make the hotel a known, famous and loved institutional citizen in its community and an exceptional host, says Brink. “Our corporate slogan reads: ‘to create innovative tourism ventures’; we often reflect back on this.”
This article was updated on March 18 at 08h56.