Executive Apartments and Hotels founder Marc Wachsberger said that the new hotel, which opens in the first quarter of next year, caters for companies that have had to tighten costs but accommodation that go beyond just living space.
Wachsberger says Sandton's hotels are booming, with vacancies at their lowest level before the 2008 recession.
"Sandton hotels are hitting highs and we have not been this optimistic about the area before. It is an excellent time to open the first hotel built from scratch in this business hub," he said.
"We are offering clients hotel rooms but also conferencing and apartments at competitive rates," he said.
The hotel, apartment and conferencing complex will be managed by property development and finance specialists Construct Capital. It will have 132 rooms and can be run as a traditional hotel and offer long-term rentals or units that can be sectionalised and sold as stand-alone apartments or investment rental stock.
The property has been designed in such a way that every room has direct access from the corridor, but can also be configured into two or three bedroom suites, offering services to business travellers who simply require one room, or are looking for a bigger suite with a lounge, kitchen and other facilities.
The development of the hotel came about as a result of an increased demand for alternative accommodation for business travellers in the Sandton area.
"The current state of the economy demands that expenditure be closely monitored and as such more businesses are watching their travel costs," Wachsberger said.
He said executive apartments were proving an affordable alternative for business travellers and companies had increasingly used this option in preference to hotels.
Construct Capital founder Clifford Kupritz said the allure of 177 Empire Place was that it offered such a diverse service. "Would you rather stay in a cramped 28m² hotel room while travelling or in a fully serviced apartment, where you can sit comfortably and work? It will be more affordable than a hotel. The key is that there's a concierge as well as additional facilities available."
Source: Business Day via I-Net Bridge
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