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IFA Hotels & Resorts Acquires Additional Stake in Boschendal, South Africa

Middle East and North Africa Business Report, Amman, JordanMcClatchy-Tribune Regional News

Jul. 5, 2009--IFA Hotels & Resorts (IFA HR) recently 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."

IFA HR is committed to creating a development that will complement its internationally recognised portfolio of top quality integrated resorts. IFA HR is now also responsible for all the sales and marketing of Boschendal Limited, allowing the company to utilise all its international offices and network across the world. Likewise, Boschendal welcomes approximately 200,000 guests per year, a vast audience for IFA HR to cross sell and promote its existing international portfolio of residences, resorts, private residence clubs and experiences.

"Our strong international strategic partnerships and relationships with partners such as Nakheel, Kingdom Hotel Investments, JCI, Tongaat Hulett Developments, United Investments Portugal and Raimon Land provides an outstanding synergy of skills adding significant value to our developments," added Burger.

The first phase of the development, the Boschendal Founder's Estates located among the vineyards on the slopes of the Simonsberg Mountain, will now be further improved with all related infrastructure. Current development plans for the second phase, the proposed mixed-use development on Boschendal's 2,240 hectare estate, includes residential homes set within villages of varying size, an upmarket retirement village, a boutique hotel and a mixed-use precinct combining shopping, offices and apartments. Ultimately only 7% of the 2,240 hectares will be covered by buildings and gardens.

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 received an award for being "Africa's Leading Tourism Development Project". The company also received "Africa's Leading Sport Resort" award for the Fairmont Zimbali Lodge.


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