In its first acquisition since listing on the JSE in February, IFA Hotels & Resorts Limited ("IFA SA") will purchase a significantstake in Boschendal Limited, South Africa, becoming an integral contributor to the landmark Boschendal Estate. The acquisition positions IFA SA to assist with a proposed mixed-use development on Boschendal's 2 400ha estate near Franschhoek in Cape Town.
CEO of IFA SA, Talal Jassim Al-Bahar (also the Chairman and Managing Director of IFA Hotels and Resorts) says that IFA SA is pleased to align with an iconic South African brand such as Boschendal and to leverage Boschendal's prime real estate for development. He explains that the acquisition aligns with IFA SA's strategy to deliver new premier resort and residential developments in South Africa, diversifying from Kwa-Zulu Natal where it owns Zimbali Lodge and a 50% stake in the joint venture that developed Zimbali Coastal Resort.
Future development plans for the Cape Boschendal estate include an upmarket retirement village with 500 individual homes, a boutique hotel with upwards of 120 rooms and a mixed-use development of a shopping centre, offices and apartments.
Werner Burger, President and COO of IFA Hotels and Resorts, points out that the global IFA group has already contributed to transformation in the country as the largest single foreign direct investor in Kwa-Zulu Natal tourism.
He says that the IFA group's continued expansion into the Africa sub-continent affirms its commitment to ongoing direct investment in South Africa and neighbouring countries. "The intention is to use IFA SA as a platform for continued investment in Africa to expand the group's global network of resorts, ensuring that we continue to deliver prime opportunities in tourism and real estate to our global investors." He adds that the investment in Boschendal enables IFA SA to elevate Boschendal onto the international real estate market and present the estate as a world-class destination.
Clive Venning, CEO of Boschendal, says that IFA SA's participation in Boschendal is of critical importance to the future development of the estate. "As an established developer of premier leisure hotels and mixed-use resorts, the group will contribute crucial expertise to our development to benefit the company and the surrounding Dwarsriver community."
He says that land sales of the Founders' Estates should launch in 2006 with the balance being released around 2008 - the development is delayed at present by rezoning and other regulatory issues. "With a heritage site such as this, we must adopt a slower, careful approach to design and planning to ensure the development's success and minimum disruption to the valley." Al-Bahar says that IFA SA agrees with Boschendal's prudent approach and is confident of management's ability to realise the development vision.
Al-Bahar concludes: "Boschendal is the latest of the IFA group's resort development projects world-wide, including its major investment of more than US$2 billion investment in Palm Jumeirah Island Dubai." With regard to Africa the IFA group has major development projects in Zanzibar and Kenya and is currently assessing opportunities in Indian Ocean and Asian locations.
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Additional Information:
IFA SA listed on the JSE in February 2006. It owns the exclusive Zimbali Lodge on Kwa-Zulu Natal's north coast, rated by Cond Naste as one of the world's top hotels, and a 50% stake in the multi-million rand Zimbali Coastal Resort. The Zimbali Coastal Resort was jointly developed with Tongaat-Hulett's Moreland Developments, and offers hotels, luxury residences, golf courses and leisure facilities. IFA Hotels and Resorts K.S.C.C (IFA Kuwait) is the majority stakeholder in IFA SA with an 85% interest. Listed on the Kuwait Stock Exchange, IFA Kuwait has a market capitalisation of over US$1 billion.
About Boschendal - Read about Boschendal
About IFA HOTELS & RESORTS - www.ifahotelsresorts.com
IFA Hotels & Resorts (IFA HR) is a leader in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Indian Ocean region and Africa
Listed on the Kuwait Stock Exchange, with a market capitalization of US$ 2 billion, IFA HR's main shareholder is Kuwaiti based International Financial Advisors (IFA). IFA Hotels & Resorts South Africa is also listed on the Johannesburg Stock Exchange as of February 27, 2006.
IFA HR projects and investments in Dubai include The Fairmont Palm Hotel & Resort, the Fairmont Palm Residence (www.fairmontpalmresidence.com), the Crescent Resort on the Palm Island (to be managed by Fairmont Hotels & Resort), The Palm Residence (Al Nabat and Al Haseer), the Palm Golden Mile (www.thepalmgoldenmile.com) and the Movenpick Hotel & Residence Laguna Tower Dubai (www.lagunatower.com). IFA HR's other projects are the Kempinski Alabadiyah Hills in Beirut (www.abadiyahhills.com), a shareholder in the Four Seasons Hotel in Beirut, the Zanzibar Beach Hotel & Resort (www.zanzibarbeachresort.com), the Zimbali Coastal Resort & Zimbali Lakes (www.zimbali.co.za), the Zimbali Lodge (www.zimbalilodge.co.za), the Fairmont Zimbali (www.fairmontzimbali.com), shareholder in 5 Lonrho Hotels in Kenya (www.lonrhohotels.com) and in YOTEL (www.yotel.com), which owns two YOTEL hotels in Heathrow and Gatwick, United Kingdom. IFA HR is also the force behind the super-premium Sheraton Algarve Hotel (www.luxurycollection.com) and Pine Cliffs Resort (Portugal) (www.pinecliffs.com), part of Starwood's Luxury Collection.
Globally, IFA HR have entered into strategic alliances and Joint Venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), United Investments Portugal, Savills (United Kingdom), a strategic alliance with RCI (part of the Cendant's Group) and Moreland Developments (Pty) Ltd (South Africa).
IFA HR aims to link its resorts to new parts of the globe, such as the US, the UK, Mauritius, Eastern Europe and the Far East. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.
IFA HR programme of brand acquisition and developer partnerships will continue into the future and is evidenced by the ever growing strength of its product range:
IFA - Hotels & Resorts IFA - Lifestyle Membership Clubs IFA - Vacation Ownership IFA - Fractional Ownership IFA - Hotel Ownership IFA - Residences IFA - Travel & Tourism IFA Properties IFA Yacht Ownership Club
For further information please contact:
IFA Hotels & Resorts Manager- Public Relations - Melanie Maier Tel: +971 50 640 4674 Email: melanie@ifahotelsresorts.com www.ifahotelsresorts.com
Orient Planet PR & Marketing Communications Tel : +971 4 3988901 Fax : +971 4 3988941 Email : info@orientplanet.com Website: www.orientplanet.com