Tribunal approves Cape Town hotel property acquisition, subject to public interest conditions
The Competition Tribunal (“Tribunal”) has approved, subject to public interest-related conditions, a merger in which Moxy Hotels (Pty) Ltd (“Moxy”) will acquire the leasehold rights to the Granger Bay Development Hotel Section, a property located in Cape Town, in the Western Cape. Following the merger’s implementation, Moxy will exercise sole control over the property.
Moxy forms part of a broader property holding, development and investment group with interests in the development, management, leasing and sale of residential and commercial properties across South Africa. In assessing the transaction, the group’s activities in the provision of short-term accommodation in the Western Cape were relevant.
The target of the transaction comprises the leasehold rights to the Granger Bay Development Hotel Section, currently held by The Granger (Pty) Ltd. The property is currently under development and is expected to operate as a four-star hotel once completed.