Ipic Properties acquires 16 Country Hotels

Ipic Properties has acquired Country Hotels, a hospitality group with 16 hotels and lodges comprising 638 rooms across the Western and Northern Cape, broadening the private property investor’s portfolio beyond retail into the hospitality sector.

The acquisition also extends Ipic’s geographic footprint into the Northern Cape, where Country Hotels operates properties in towns including Springbok, Pofadder, Upington, Kakamas, Kathu, Kuruman, and Postmasburg.

Read:
High court review of R3.5bn Beachwood development land use approval fails
Sapoa readies for another legal battle over ‘unconstitutional’ municipal rates and taxes

Country Hotels will retain its name, management, and staff following the transaction. The long-standing COO, Craig Carmichael, who has worked in the hospitality industry since 1995 and has been Country Hotels’ COO since 2021, is now appointed as CEO.

ADVERTISEMENT

CONTINUE READING BELOW

Carmichael says, “Country Hotels has built a strong presence in the communities it serves, and continuity will be important as we move into this next phase.”

The group was founded in 2011, and its portfolio includes Clanwilliam Hotel, Calvinia Hotel and Tankwa Lodge, Springbok Inn and Namastat Lodge, Orange River Rafting Lodge in Vioolsdrif, and properties in Pofadder, Kakamas, Upington, Kathu, Kuruman, and Postmasburg.

For Ipic, the deal marks a move into a new property segment after more than two decades of investment in Western Cape retail. Founded by Rian Maartens in 2004, the company has built a portfolio of 10 Western Cape retail properties covering more than 65 000m².

Read:
City Lodge pumps R70m into upgrading Courtyard Hotel Gqeberha
KZN tourism gets a boost as arrivals surge 29%
Major Reits post solid earnings growth, boosted by SA property

ADVERTISEMENT:

CONTINUE READING BELOW

“Our focus will be on strengthening that foundation, investing in the guest experience and maintaining consistently high standards across the portfolio,” Carmichael says.

Ipic said it also intends to continue Country Hotels’ existing community and charitable activities in the areas where it operates. Financial terms of the acquisition were not disclosed.

Phenyo Selinda is a Moneyweb Intern.*

#Ipic #Properties #acquires #Country #Hotels