Mvela group acquires 50% of Queensgate Leisure Holdings
Mvelaphanda holdings has entered into a R60million shareholding agreement with hotels and leisure group Queensgate Holdings it said yesterday.
The holding company said Mvela would acquire 50percent of Queensgate's subsidiary Queensgate Leisure Holdings.
The Queensgate group portfolio investments include the Tinga Private Game Lodge in the Kruger National Park, as well as the Cape Town Hollow, Hollow on the Square, Park Inn Hotel, and the Radisson Hotel in Cape Town.
Chief executive of Queensgate Holdings, Andrew Hubbard, said the agreement finalised year-long discussions with Mvela.
He said Queensgate had a long-standing relationship with Mvela and felt it was good to have the company as a partner, with its substantial property development investments.
"This is a great endorsement for Queensgate to be linked to a company such as Mvelaphanda.
"This will, in future,positively influence our own hotel and leisure investments.
"The South African tourism and hospitality sector presents multiple growth opportunities for a freshly positioned hotel brand.
Queensgate is ideally positioned to drive this growth through its business model, which integrates hotel management, food and beverage, conferencing and wellness."
Mvela's transaction negotiator with Queensgate, Piet Nieman, said Mvela was excited about the deal and believed the partnership with Queensgate would help it to access future market opportunities as an active role player in property development.