Cresta to take over Phakalane Golf Estate Hotel
Mbongeni Mguni | Friday January 8, 2021 17:23
Cresta and Phakalane Estates recently signed a 10-year lease agreement for the hotel and the golf course, with an option to renew for further ten year periods. In addition, Cresta will pay Phakalane P10.7 million as a once-off for moveable assets which include furniture, fittings and equipment, with the amount payable over a 24-month period.
Cresta managing director, Mokwena Morulane said the deal would add to the group’s extensive chain of leisure and business hotels around the country. Phakalane Golf Estate Hotel is a prominent four-star property and Cresta brings its expertise, marketing and branding to expand its offering around the country.
“Our continued efforts to improve our offerings, understand the market dynamics and modern day trends in the face of global challenges, means we are ready for the changing face of tourism and international travel, and this addition to the Cresta portfolio signals our confidence in the future,” Morulane said in a statement. “The signing of the lease for the 4 star Phakalane Golf Estate Hotel & Conference Centre is a great addition to the Cresta portfolio and will unlock shareholder value in the future. “We remain vigilant to value-enhancing opportunities including acquisitions or leases, after having reconsidered our pipeline against current and expected market conditions.”
For his part, Phakalane CEO, Subramaniam Parthiban said Cresta would bring strong value to the Golf Estate Hotel and Convention Centre.
“We believe that this lease will benefit not only us as Phakalane, but the market in general as Cresta has run hotels successfully in Botswana for over 30 years and is therefore expected to bring new offerings that appeal to the local and international markets as well as the residents and visitors to the Golf Estate,” he said.