Cresta drops Phakalane deal

Friday, March 19, 2021

Off the table: The Phakalane Golf Estate Hotel is no longer part of Cresta plans PIC: PHAKALANEHOTEL.COM

Hotel group, Cresta Marakanelo has dropped its bid to take over the Phakalane Golf Estate Hotel & Convention Centre, saying "certain conditions" of the deal had not been concluded and had lapsed.

In January, Cresta announced that it had 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 had planned to 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.

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