Jassim M. Al-Bahar Chairman and Managing Director of Kuwait-based International Financial Advisors (IFA) has announced the purchase and acquisition, through a subsidiary of Sun International, of the 76 rooms five star Zimbali Lodge Hotel at South Africa's Zimbali Coastal Resort together with the acquisition of the 29 luxury beach front all suite Imbali Suites & Spa and the management of Zimbali Golf & Country Club. The total investment is US $15 million.

IFA recently entered into a joint venture with South Africa's Moreland Developments acquiring a 50% equity stake in the 700 hectare Zimbali Coastal Resort and Zimbali Lakes.

"The purchase of Zimbali Lodge is key to unlocking the international stature and potential of Zimbali Coastal Resort, providing an integrated experience for Zimbali property owners and guests," said Al-Bahar.

IFA's plans to develop in Zimbali, together with Sun International (SI) include a further five star hotel development, to be named the Zimbali Lakes Hotel and Beach Resort, a new 18-hole golf course and a beach Vacation Club resort which will be managed by Sun International under the Sun International Vacation Club brand.

IFA has entered into a management agreement with Sun International Management Limited whereby Sun International will continue to manage Zimbali Lodge, The Imbali Suites & Spa, the Zimbali Country Club and other resorts facilities, new projects and resort residential services planned at the Zimbali resort.

Oscar Dlomo, Chairman of Afrisun KZN welcomed IFA's strong commitment to South Africa as well as the substantial financial investment into the Zimbali Coastal Resort. "The access IFA has to international capital and tourism markets will definitely boost Zimbali's status," he said.

Peter Bacon, CEO of Sun International Management Limited was pleased that an agreement had been reached on a long term management contract. Sun International will continue to manage Zimbali Lodge and golf Club as well as many other facilities planned at the resort.

Jassim Al-Bahar added: "The signing of this acquisition agreement with Sun International and Afrisun Kwa-Zulu Natal Kingdom is a further demonstration of the success of our investments in Zimbali and results from the alliance we forged with Sun in March 2003. The combination of our companies forms a major regional and international tourism force and there will be more projects to follow in the Middle East, East Africa, Zanzibar, South Africa and the Maldives".

James Wilson, President of IFA Hotels & Resorts, stated: "We are delighted with the acquisition of Zimbali Lodge. It is a magnificent 5-star boutique hotel appealing to both the international and local markets. The hotel will be expanded from its existing 76 rooms/units with the addition of 25 guest rooms, the 29 all suite Imbali Suites and Spa together with the management of the new Zimbali Pavilion All Suite project.

"We believe our asset management experience combined with Sun International's extensive expertise will maximise the potential of the destination in the regional and international markets, and IFA, Moreland and Sun International will work closely together to achieve this objective".

Peter Bacon said that Zimbali Lodge is widely considered to be one of the leading hotel developments in South Africa, rated by Conde Naste Traveller magazine as one of the top hotels in the world.

"We share IFA's vision for the future of Zimbali Coastal Resort and are pleased to align ourselves with a major international investor," he said.

Jassim Al-Bahar concluded by stating that "IFA is presently evaluating other projects with Sun International which will be embarked upon in the near future. These will further enhance and solidify the strategic alliance of IFA and Sun International in Africa, the Middle East and the Indian Ocean region".