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Bankrupt hotels to be auctioned

31 Aug 2011

Hotels in the Western Cape - particularly along the Garden Route - are battling to survive and a number of these distressed hotels are being sold on auction according to a report published by Fin24.

It says that the latest victims of the downturn in the hospitality sector are the Riviera Coastal Inn & Suite Hotels in Hartenbos, the Diaz Beach Garden Route Boutique Hotel near Mossel Bay and the Boland Park Hotel & Lodge in Mossel Bay.

The hotels were developed in 1996 by the Hartkorp Group and Stocks Developments. They will be auctioned by Auction Alliance after Hartkorp was liquidated in May this year.

The hotels will be auctioned at the Riviera Coastal Inn on September 16. Two commercial properties and a residential complex will also go under the hammer at this sale.

Read the full report on Fin24.
View details of the auction.