SA-based Gatsby International hotels accommodates BEE deal

South African based luxury hotel group, Gatsby International Hotels, which specialise in the management and marketing of luxury boutique properties in Southern Africa and the Indian Ocean Islands, has signed a merger with black owned powerhouse, Community Investment Holdings (Pty) Ltd.

The merger, worth R40 million for Gatsby, sees Community Investment Holdings (Pty) Ltd, now holding a stake of 51%, while the renamed Gatsby International Hotels and Resorts owns 49%.

Former head of Stellenbosch based Gatsby International Hotels, Brandon Lourens, retains the position of Chief Executive Officer of the newly formed Gatsby International Hotels and Resorts. The company, which previously focused on management and marketing, with property leasing contracts of boutique hotels only (no more than 80 bedrooms per unit) has shifted to full ownership, management and marketing of some of the properties.

One of Gauteng's most significant black empowerment companies, Community Investment Holdings (Pty) Ltd is headed by respected entrepreneurs, Dr Anna Mokgokong and Joe Madungandaba.