R1,5-billion to be invested by City Lodge
City Lodge will invest about R1,5-billion over the next ten years to build at least 20 new hotels in Africa, according to Business Day.
It quotes company chief executive Clifford Ross as saying that new hotels will be built in Nairobi, Gabarone and Lusaka.
City Lodge currently operates 52 hotels in South Africa and is considering opening even more hotels in Tanzania, Mozambique, Uganda, Rwanda and Namibia. Ross says that the group is considering investing in India as well but that investment will only happen several years from now.
He says that the 40 hotels that have been added to the South African portfolio were all built with City Lodge's cash resources and the group owned most of its properties and had a substantial balance sheet.
Read the full article on www.businessday.co.za.