Apartment-hotel opens in Menlyn Maine
The apartment-hotel, a relatively new concept spearheaded in SA by The Capital Hotel Group, has reached Pretoria with the opening of the company’s R300m Capital Menlyn Maine. The 200-room Capital Menlyn Maine, opening on March 15, is located in Africa’s first mixed-use green city. The multibillion-rand 315,000m2 Menlyn Maine precinct is named by Seeff Properties as one of the prime property investment areas in SA. It is the eighth such apartment-hotel in Capital’s portfolio, which is being expanded by a planned two openings a year, the next being The Capital on the Park in Mushroom Park, Sandton, in October. The company put 240 flats at The Capital on the Park on the market, from R2.95m, all of which have been sold.
Apartment-hotels combine a hotel with self-catering flats that can be booked over an extended period. Capital Hotel Group MD Marc Wachsberger says his is currently the fastest growing hotel chain in SA, in “direct response to ever-increasing demand for the apartment-hotel style accommodation”. The Capital hotels have an average occupancy rate of 80%, well above the 55% rate of local hotels, he says. The apartment-hotel, or extended stay hotel industry, is one of the fastest growing sectors in hotel accommodation in the world. It comprises about 9% of hotel accommodation worldwide, but about 2% in SA, with The Capital Hotel Group commanding about 75% of this industry.