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Press Release: IFA Hotels & Resorts and Afrisun Kwa-Zulu Natal
April 27, 2004
KUWAIT & SOUTH AFRICA -- Kuwaiti-based IFA Hotels & Resorts (IFA) and local company Afrisun Kwa-Zulu Natal
signed an agreement whereupon Zimbali Lodge situated at the Zimbali Coastal Resort will be sold by Afrisun Kwa-Zulu
Natal to IFA Hotels & Resorts.
IFA recently entered into a joint venture with Moreland Developments acquiring a 50% equity stake in Zimbali Coastal
Resort and Zimbali Lakes, the purchase of Zimbali Lodge is the key to unlocking the international stature and potential
of Zimbali Coastal Resort, providing an integrated experience for Zimbali property owners and guests
This agreement will create an umbrella ownership structure and management philosophy uniting the various role players
and facilitating a common development, management and marketing strategy.
IFA's plans for Zimbali include a further five star hotel development, to be named the Zimbali Lakes Hotel and
Beach Resort, a new 18-hole golf course and a beach Vacation Club resort which will be managed by Sun International
under the Sun International Vacation Club brand.
IFA have entered into a management agreement with Sun International Management Limited whereby Sun International
will continue to manage Zimbali Lodge, the Zimbali Country Club and certain other facilities, new projects and
resort residential services planned at the Zimbali resort.
Oscar Dlomo, Chairman of Afrisun KZN welcomed IFA's strong commitment to South Africa as well as the substantial
financial investment into the Zimbali Coastal Resort. "The access IFA has to international capital and tourism
markets will definitely boost Zimbali's status".
The sale of Zimbali Lodge will benefit the shareholders in AfrisunKZN and assist with the funding of the R650-million
Sibaya Resort and Entertainment World currently under construction in Umdloti, Kwa-Zulu Natal, scheduled to open
at the end of the year. Sibaya will ultimately offer 2 hotels; a 38-key, 5-star hotel called the Royal Sibaya and
a 112-key 3 to 4-star family resort called Sibaya Lodge
Peter Bacon, CEO of Sun International Management Limited was pleased that an agreement had been reached on a long
term management contract. Sun International will continue to manage Zimbali Lodge and golf Club as well as many
other facilities planned at the resort.
Mr. Jassim Al Bahar, Chairman of IFA also said "The signing of this acquisition agreement with Sun International
and Afrisun Kwa-Zulu Natal Kingdom is a further demonstration of the success of our investments in Zimbali and
results from our alliance we forged with Sun in March 2003. The combination of our companies is a very strong regional
and international tourism force and there will be more projects to follow in the Middle East, East Africa, Zanzibar
South Africa and the Maldives".
IFA Hotels & Resorts is a subsidiary of the Kuwait-based International Financial Advisors Company (IFA). IFA
is listed on the Kuwait Stock Exchange with a market capitalisation of US $1 Billion. The depth and strength of
the group places it in the forefront of companies engaged in the development of tourism projects, hotels and resorts
in Europe, the Middle East and Africa.
James Wilson, President of IFA Hotels & Resorts stated: "We are delighted with the acquisition of Zimbali
Lodge. It is a magnificent 5-star boutique hotel appealing to both the international and local markets. We believe
with our asset management experience combined with Sun Internationals extensive expertise will maximise the potential
of the destination in the regional and international markets, and IFA, Moreland and Sun International will work
closely together to achieve this objective".
Peter Bacon said that Zimbali Lodge is widely considered to be one of the leading Hotel developments in South Africa,
rated by Conde Naste Traveler magazine as one of the top hotels in the world.
"We share IFA's vision for the future of Zimbali Coastal Resort and are pleased to align ourselves with a
major international investor. The further development of Zimbali will boost the province's economy and create much-needed
jobs".
Background Information
IFA Hotels & Resorts is a subsidiary of the Kuwait-based International Financial Advisors Company (IFA). The
depth and strength of the group places it in the forefront of companies engaged in the investment and development
of tourism projects, hotels and resorts in Europe, the Middle East and Africa. It is the force behind the management
of the super-premium Sheraton Algarve Hotel and Pine Cliffs Resort in Portugal; part of the Starwood's Luxury Collection,
and behind the Zanzibar Beach Hotel and Resort - the largest destination resort on the historic spice island.
In 2003 IFA acquired a 50% shareholding in the existing Zimbali Coastal Resort (www.zimbali.co.za) in South Africa
which covers 3.7 million sq. meters (370 hectares) and the expansion of the resort will add a further 3.0 million
meters (400 hectares).
IFA Hotels & Resorts aims to link its Hotels and resorts in Zanzibar, Palm-Jumeirah, Dubai, South Africa and
Portugal with future planned resorts in Lebanon, Zanzibar, The Palm-Dubai, Dubai and South Africa. This will offer
tourists in Europe, the Middle East and Africa a unique network linking the company's respective hotels, resorts,
timeshare and vacation club destinations.
For further information please call Peter Bacon on (011) 780-7717 or
James Wilson on (09965) 6644998 or:
Kuwait Portugal IFA Hotels & Resorts PR IFA Hotels & Resorts PR Reem Al Ibrahim Teresa Chatillon Tel: +965 2403796 Tel: +351-289-500106 Fax: + 965 2407179 Fax: + 351-289-501795 celia@ifahotelsresorts.com tchatillon@pinecliffs.com Dubai South Africa IFA Hotels & Resorts PR IFA Hotels & Resorts PR Greg Hunt, MCS/Action Melanie Robert Tel: +9714 390 2960 Tel: +27-82 3787486 Greg@mcsaction.com maier@telkomsa.net