Bayview Hotel, Mixed Use (Hospitality/Retail), Garden Route
Overview
The opportunity was presented to acquire the property at a substantial discount to replacement cost. Furthermore, hotel was identified as a prime investment given its central location and unique offering as one of the only hotels of its size in Plettenberg Bay.
The property and associated hotel business were acquired in March 2018. A phased refurbishment was implemented which will see all existing rooms upgraded, as well as the addition of a further 15 rooms.
Granite provides asset and property management services as well as project management.
Key Features
| Acquisition Price: | R23m |
|---|---|
| Market Value: | R38m |
| Initial Attraction: | Size and location of the hospitality offering. |
| Initial Strategy | Implementation of phased refurbishment of existing rooms. |
| Current/Future Strategy | Addition of a further 15 hotel rooms. |
Granite Roles
- Property Management
- Asset Management