JLL Advises on The Capital Zimbali transaction
Real estate specialists, JLL announced that it advised on the successful private treaty bidding process for the iconic Fairmont Zimbali Resort on KwaZulu Natal’s North Coast.
South Africa, 07 June 2021 – Real estate specialists, JLL announced that it advised on the successful private treaty bidding process for the iconic Fairmont Zimbali Resort on KwaZulu Natal’s North Coast, which was finalized earlier this month. The deal is likely to be completed once conditions precedent, including Competition Commission approval, have been met.
The Zimbali Resort is a 154-key luxury hotel situated within the Zimbali Coastal Resort on the north coast of KwaZulu-Natal. It opened in 2010 and has become one of South Africa's most popular resorts for leisure and conferencing. The Capital Hotels and Apartments will invest R30 million in an extensive renovation and refurbishment project on the five star hotel, including transforming suites into the flexible apartment-style accommodation that has become synonymous with the group.
Commenting on the deal, Fabio Nava – Vice President Hotels and Hospitality Sub-Saharan Africa, JLL said: “We are seeing an increase in hotel transaction activity throughout Africa and the Indian Ocean, with regional transaction volumes in 2021 looking to exceed the cumulative total for the last three years. This recent sale is an important vote of confidence in the hotel sector and we are pleased to have supported the process which witnessed a high volume of interest from buyers.”
Doors of the renamed ‘The Capital Zimbali’ are likely to open to leisure guests and conferencing groups in November 2021.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.