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Pretoria - Three hectares of land in Irene, Pretoria, have been made available for the development of a hotel, offices and a conference centre.
All of these form part of developments in the greater Irene area that will lead to developments worth R10bn, according to Org Geldenhuys, managing director of property development and marketing company Abacus divisions.
“As the hotel property market continues to recover from the post Soccer World Cup slump, hotel groups will be looking for strategic growth – and this opportunity in Irene will arguably be considered by a number of hotel developers, or hotel groups,” said Geldenhuys.
Another development taking place in Irene is the release of 14 hectares of land, earmarked for the development of 850 residential properties.
This comes hot on the heels of the completion of the boutique office park, Quattro Fontane – as well as the launch of the Rietvlei Industrial Estate.
Geldenhuys said analysts and CEOs in the hotel property sector claim that companies have now turned the corner, after a trying period during which oversupply -due to developments for the 2010 Soccer World Cup - led to overall low occupation of the properties.
Last year, however, hotels were able to raise room rates without putting downward pressure on occupancy rates growth.
“In fact, across the board, the industry saw an increase in the average daily rate for rooms. This suggests that hotel owners and managers are confident that demand is high," he said.
All of these form part of developments in the greater Irene area that will lead to developments worth R10bn, according to Org Geldenhuys, managing director of property development and marketing company Abacus divisions.
“As the hotel property market continues to recover from the post Soccer World Cup slump, hotel groups will be looking for strategic growth – and this opportunity in Irene will arguably be considered by a number of hotel developers, or hotel groups,” said Geldenhuys.
Another development taking place in Irene is the release of 14 hectares of land, earmarked for the development of 850 residential properties.
This comes hot on the heels of the completion of the boutique office park, Quattro Fontane – as well as the launch of the Rietvlei Industrial Estate.
Geldenhuys said analysts and CEOs in the hotel property sector claim that companies have now turned the corner, after a trying period during which oversupply -due to developments for the 2010 Soccer World Cup - led to overall low occupation of the properties.
Last year, however, hotels were able to raise room rates without putting downward pressure on occupancy rates growth.
“In fact, across the board, the industry saw an increase in the average daily rate for rooms. This suggests that hotel owners and managers are confident that demand is high," he said.
