Luxury hotel sinks into business rescue
The owners of the luxurious Fairmont Zimbali Hotel announced they have entered into business rescue.
IFA Fair Zim Hotel & Resort (Pty) Ltd said the decision was prompted by the Covid-19 pandemic which ‘continues to disrupt local and global travel and tourism markets’, notes TimesLIVE.
‘The consequent stagnation in global economic activity together with the South African Government-imposed national State of Disaster has affected negatively on our business,’ said general manager Wayne Krambeck.
He said the Fairmont Zimbali Hotel, in particular, faced an ‘unprecedented situation’ after the lockdown and border closures, despite experiencing exponential growth with record turnover from November 2019 to March 2020.
‘We have been in support of our President and the government’s reasons for implementing the initial lockdown; however, the extraordinary circumstances of a prolonged lockdown, now day 176, the longest in the world to date, with limited support from government, has eroded our revenue base.’
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