In yet another successful financing arrangement, Nedbank Corporate Property Finance concluded a R760 million funding deal with its long-standing client, Sun International.
Sun International, which invests, develops and manages businesses in the hotel, resort and gaming industry, utilised the funds to build the recently completed 140-room, sea-facing five-star hotel and spa in Port Elizabeth, as well as a 3 000 m² convention centre catering for conferences, exhibitions, events and concerts with seating for up to 2 400 people and a business centre that will be very convenient for guests.
“As primary banker to Sun International for over 40 years, we are pleased to have the opportunity to continue supporting our client with its growth aspirations. We are confident that the new hotel and the upgraded facilities at the complex will go a long way to uplifting the economy of the Nelson Mandela Bay Metro,” said Graeme Auret, Managing Executive of Nedbank Corporate Banking.
“We are very excited at the completion of this project and the opening of the new Boardwalk Hotel, Spa and Convention Centre. This project will further entrench The Boardwalk as the premier tourist destination in the region and will also give us the opportunity to secure a significant portion of the conference market. We are most grateful to Nedbank for your loyal support,” said Rob Becker, Chief Financial Officer of Sun International Limited.
The Boardwalk Casino and Entertainment World complex is a famous casino, entertainment and shopping centre alongside one of South Africa’s best beaches, Hobie Beach. The new Boardwalk Hotel and Spa will complement this popular leisure and tourism destination for both families and business visitors. This destination has shops, restaurants and cinemas, and also provides entertainment for children.
Article source: http://www.sacommercialpropnews.co.za/property-types/hotels-leisure-commercial-property/5741-r760-million-funding-deal-enables-sun-international-to-build-5-star-hotel-in-port-elizabeth.html