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A new luxury all-suite hotel is to be developed at Century City at a cost
of R85m by the Singer Group.
Leon and Brian Singer said this week that they have acquired the two top floors
of the mixed-use Colosseum development, now under construction, to house the
new hotel.
These two floors had initially been earmarked for 40 residential apartments
but have been completely redesigned and reconfigured to create the luxury 61
all-suite hotel which will be situated within five minutes walking distance
from Canal Walk Shopping Centre. The hotel will also enjoy easy access to the
vibrant cafés, restaurant and boutique shops which will occupy the ground
floor of the Colosseum which will also be home to three-storeys of offices
.
The Colosseum Luxury Suites is the second hotel to be developed by the Singer
Group at Century City and follows the huge success of the Island Club Hotel
which opened three months ago and which is already enjoying occupancies in
excess of 75%.
As with The Island Club Hotel, suites in the The Colosseum Luxury Suites are
available for sale to investors.
Ranging in size from 40 square metres to 65 square metres, suites are available
for purchase on a sectional title basis at between R950 000 and R1 565 000
while penthouse suites, which vary in size from 88 square metres to 183 square
metres, are available for between R2 195 000 and R4 790 000. No transfer duty
is payable.
Brian Singer said suite owners would be entitled to 28 days free usage of
the Colosseum Luxury Suites – for their holidays or business trips, or
for their guests and / or business associates.
"When the owner is not using his suite, it operates as a luxury hotel
and generates a rental income."
Singer said the rental income will be guaranteed for the first two years -
expected to be 2007 & 2008 - at 5% of the purchase price.
" And from year three (2009) onwards, the rental income will increase
based on the hotel's performance. In addition, the Singer Group will pay all
property levies for the first two years," he said.
Singer said negotiations with several leading hotel operators were well advanced
and they expected to be able to make an announcement in this regard shortly.
The Singer Group also owns the four-star Dolphin Beach Hotel, which like the
Island Club, is managed by Protea Hotels and consistently runs at the highest
occupancy in Protea's group of more than 130 hotels.
He pointed out that the Singer Group also comprises a variety of companies
in the travel, tourism and hospitality sector including five travel agencies,
an inbound tour operator, a conference organising business and three restaurants.
"There is tremendous synergy in owning both travel companies and hotels
as we are able to recommend our own hotel properties to our international and
domestic clients," said Singer.
He said there was no doubt that Century City had a shortage of good quality
hotel rooms.
"When the additional office developments that are currently under construction
are completed, this shortage will increase."
Singer said the Colosseum Luxury Suites, which will be the third hotel in
Century City, was being designed to capture the upper-end of the hotel market
in Century City, and would predominantly focus on the business traveller.
" Features will include: free ADSL connectivity in all suites, wireless
hotspots, room safes big enough for a laptop, plasma and LCD screens throughout.
All this will be in addition to the luxurious bathrooms, huge walk-in showers
and top quality finishes," he said.
Most luxury suites and penthouses will enjoy beautiful views of Table Mountain
and / or Table Bay.
He said suite owners and hotel guests would be able to utilise the hotel's
concierge service, located on the ground floor of the Colosseum.
" A private lift will take hotel guests up to the fourth floor, where
the reception will be located. Both the fourth and fifth floors will be available
for the exclusive use of hotel guests while conference and meeting rooms will
be located on the mezzanine floor."
Singer said buyers would be required to pay a 10% deposit on signature of
the Deed of Sale. This deposit would be held in an attorney's trust account
and would earn interest for the buyer.
" The balance for the purchase price is payable on transfer, which is
expected to be in December 2006."
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