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Johannesburg - The South African hospitality market is experiencing enormous pressure because the anticipated flood of reservations for the 2010 Fifa World Cup has failed to materialise.
This has resulted in a sharp increase in the number of game reserves and hotel properties under pressure and being sold under the hammer.
Auction Alliance CEO Rael Levitt says that within the next few months at least five large hotels will be on the auction block. He says that many players in the hospitality sector expected to be inundated with 2010 bookings, but have so far been disappointed.
Mac van der Merwe, CEO of the Zorgvliet Group which owns a portfolio of luxurious leisure properties, says the group's sumptuous Ka Ingo private game reserve in the Waterberg, 47km from Vaalwater, will be auctioned on March 17.
He notes that the reserve price is R85m and interest has been expressed by a South African consortium, as well as by prospective buyers from Abu Dhabi, Dubai and Europe.
In future the group will focus on making its hospitality assets more accessible to South Africans - specifically the Dinkweng Safari Camp, which is also in the Waterberg.
He says that an additional R30m will be spent on putting up another nine lodges, targeted at families, in the safari camp.
Another leisure property to be auctioned by Auction Alliance on February 11 is Keurbooms Hotel & Chalets in Plettenberg Bay.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.