JOHANNESBURG – Lucid Ventures, the R350m Cape Town based Hotel Fund, this week announced the launch of an all new boutique hotel brand Home* Suite Hotels into the South African market. The brand aims to attract discerning business travellers and well-travelled tourists.
Lucid is an investment fund which facilitates a full tax deduction for its investors through its section 12J certification. The SARS incentive, a critical growth enabler to the South African economy, keeps investment funds onshore and stimulates high growth and job creating industries like tourism. Lucid’s integrated model combines its fund management skills with property development and hotel management capabilities. Its founder Gidon Novick formerly founded kulula.com and the SLOW lounges as Co-CEO of Comair. His co-directors are Andrew Kuming, head of leading urban developer K&S and Graham Wood, former head of Tsogo Sun.
Home* Suite Hotels’ first hotel will open on the corner of Oxford and Bristol Roads in central Rosebank next week and will be followed by additional hotels in Rosebank and Sandton in Johannesburg, and Sea Point, Gardens and De Waterkant in Cape Town, over the next 24 months. The 25 to 80 key hotels will feature larger room sizes, a suburban feel and cutting-edge design by SLOW lounge creator Tonic Design.
The business model is based on efficient capital sourcing through 12J, low in-house development costs and a premium experience at a competitive price point in the four-star market. Home* Suite Hotels will be positioned in the gap identified between large 150+ room international branded hotels and high-end independent boutique hotels.
“We’ve pulled together an exceptional team to build the most desirable hotel experience in South Africa” concluded Novick.
BUSINESS REPORT ONLINE