Durban - Niche hotel chain Oceans Hotels, which owns the luxury Radisson Blu Oceans in KwaZulu-Natal, on Wednesday opened its public offering of shares in the hotel to the public.
Chairman Vivian Reddy, one of the co-developers of the hotel, said potential investors would need a minimum of R1 000 for an opportunity to own a slice of one of the most exclusive areas in the province.
Reddy said the public offer invitation opened yesterday and it would close on December 22.
“The hotel will be managed by a team of very experienced board of directors, individuals who have the skill and expertise in the business world,” Reddy said. ”The greatest pleasure for me personally is to allow the ordinary citizens like domestic workers to own shares in this hotel.”
The project is the brainchild of Reddy, the owner and founder of Edison Power and Rob Alexander of Cactus Property Groups.
Reddy said the board would consist of Anna Mokgokong - a businesswoman who has sat on the boards of various listed companies, including Adcock Ingram, Rob Alexander, Judge Vuka Tshabalala, Professor Dilip Garach and Graham Wood among others.
The R700 million Radisson Blu Hotel will be located in one of the most exclusive hotel destinations in the discerning and luxurious hospitality sector.
It will have a total 206 rooms and a range of world-class offerings, including state-of-the-art business facilities, exclusive fine-dining offerings and large banqueting facility and meeting rooms for 1200 people.
Managed by Carlson Rezidor Hotel Group, Radisson has an expanding portfolio of 1400 hotels with a global footprint covering 115 countries.
Radisson’s entrance into the province follows an enviable list of achievements and milestones of the celebrated Oceans Umhlanga project.
The project, launched seven months ago, achieved record breaking sales of R1.5 billion within four hours for the residential apartments.
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“There is a huge demand for ownership from various interested individuals and as of today we have received about 600 calls already. We will allocate the shares on a first come, first serve basis,” Reddy added.
Recently the iconic R3.8bn Oceans Umhlanga development won two international property awards for the best mixed-use architecture and best mixed-use development category in Africa.
Radisson has a presence in the country by owning hotels in Johannesburg and Cape Town.
Zulu King Goodwill Zwelithini hailed the public offering as a good step in the right direction.
“The Oceans Hotel is a shining example of the developer’s commitment to empowering people. I am very proud to be associated with this objective of offering shares in this fantastic hotel development to the public,” he said. “As we all know, many people would not even dream of owning anything in the Umhlanga area.”