Leading hospitality group Premier Hotels & Resorts has announced the acquisition of the Faircity Hotel Group for an undisclosed amount. The transaction is subject to a due diligence exercise, as well as competition commission approval.
Samuel Nassimov, founder and managing director of the Premier Group, says, “The mutually beneficial deal will see Premier acquire all Faircity hotels, management contracts and personnel who will be amalgamated into the Premier Group, with Faircity brands and trademarks staying intact for ease of customer recognition and business continuity for the foreseeable future.”
The Faircity Hotel Group consists of three and four-star conference hotels and serviced apartments in Johannesburg and Pretoria, including the Falstaff and Quatermain in Morningside, Mapungubwe near Newtown in the Johannesburg inner city, Roodevallei and Kievitskroon near Pretoria, Grosvenor Gardens Apartments in Hatfield and Junction Apartments in Menlo Park. With these properties, Premier will add a further 535 rooms to its existing portfolio of over 2000 rooms and its impressive range of conferencing, food and beverage as well as leisure facilities.
Nassimov also sees the acquisition as complimentary for Premier, adding: “We are seeking to expand our hotel property portfolio in major cities across South Africa. We have confidence in the potential of our great country and believe domestic and international business and tourism confidence will benefit our Group and the economy in the years to come.”