IFA Hotels & Resorts has strengthened its interests in South Africa by acquiring a further 5.25% in Boschendal Limited, increasing its stake to 37.33%.
This acquisition is part of a set strategy by IFA HR to strengthen its geographic reach as a global developer of mixed-use integrated resorts. It also aligns with its subsidiary’s strategy in South Africa (IFA Hotels & Resorts Limited) to deliver new premier resort and residential projects in South Africa.
Werner Burger, President and COO of IFA HR, said: “With our ability to introduce international investors, partners and hotel operators, we are able to explore real value creation by promoting new asset classes of property ownership. The internationally-recognised Boschendal brand will be further elevated through our international network located in the Middle East, Europe, Asia, North America and Africa.”
In South Africa, IFA HR owns the Fairmont Zimbali Lodge and holds a 50% stake in the joint venture that is developing Zimbali Coastal Resort and is putting the finishing touches to the new Fairmont Zimbali Resort, expected to open in August 2009.
IFA HR also holds a 50% stake in the Legend Golf & Safari Resort located in the Waterberg, close to Johannesburg, which recently won “Africa’s Leading Tourism Development Project” at the 2009 World Travel Awards in Durban. The company also received “Africa’s Leading Sport Resort” for the Fairmont Zimbali Lodge.