Premier Hotels & Resorts has announced the acquisition of the Faircity Hotel Group, subject to a due diligence exercise and competition commisson approval. Once the acquisition is approved, it will add 535 rooms to Premier Hotels & Resorts existing portfolio of 2000 rooms.
The Faircity Group portfolio includes three and four star conference hotels and serviced apartments in Johannesburg and Pretoria. These are the Falstaff and Quatermain in Morningside; Mapungubwe near Newtown in the Johannesburg inner city; Roodevallei and Kievitskroon near Pretoria; Grosvenor Gardens Apartments in Hatfield, Pretoria; and Junction Apartments in Menlo Park, Pretoria.
Samuel Nassimov, Founder and Managing Director of the Premier Group says: “The mutually beneficial deal will see Premier acquire all Faircity hotels, management contracts and personnel who will be amalgamated into the Premier Group, with Faircity brands and trademarks staying intact for ease of customer recognition and business continuity for the foreseeable future”
“We are seeking to expand our hotel property portfolio in major cities across South Africa,” says Nassimov. “We have confidence in the potential of our great country and believe domestic and international business and tourism confidence will benefit our Group and the economy in the years to come.”
Premier currently owns and operates a portfolio of 18 properties across SA in Gauteng, KwaZulu-Natal, Mpumalanga, Eastern and Western Cape. Premier will launch in Bloemfontein in June 2019, and is scheduled to open two new hotels in Umhlanga in late 2019.