Lifestyle and leisure hospitality group, Ennismore, and Kasada, an independent real estate private equity platform, have signed an agreement to open the Hyde Hotel Johannesburg.
The opening marks a series of significant milestones: Ennismore’s first hotel in Johannesburg, the first Hyde hotel in Africa and Kasada’s first investment in Johannesburg although its fourth in South Africa.
The newly branded hotel will open in September after voco The Bank officially closes following the Blend Property Group’s recent sale of the property to the new brand and operator. The management contract with Valor Hospitality thus comes to an end.
Euan McGlashan, Global Co-Founder and CEO of Valor Hospitality, said: “Despite challenges such as the COVID-19 pandemic, our team successfully transformed this venue into an award-winning destination and a primary attraction in Rosebank. We are so proud of this achievement”.
When it opens, Hyde Johannesburg will have 131 rooms including 31 suites and a gym.
The hotel will undergo a soft renovation to reposition it with a bohemian feel that reflects the Hyde brand including spaces for art and music collaborations on the ground floor and new art installations throughout the hotel. It will have a new bold look and feel while supporting and celebrating local artists.
The mixed-use building includes Proud Mary, one of the most successful restaurants in the city, a lobby lounge, meeting rooms and 7 400 square metres of fully leased coworking, office and commercial spaces.
Hyde is a bohemian brand with a laidback, welcoming atmosphere rooted in music, having started out as a club on LA’s Sunset Strip. The brand and guest experience encapsulates the free spirit of a festival.
Located in Rosebank, the Hyde Johannesburg will be part of a vibrant and cosmopolitan area known for its shopping centres, lively arts and culture scene and bustling business district. It is also conveniently situated next to the Rosebank Gautrain station and a 30-minute drive to OR Tambo International Airport.
Louis Abi Abboud, Chief Development Officer and Deputy Head of IMEAT at Ennismore, said: “Hyde hotels have a sense of mystery and freedom, with that feeling that anything can happen, and we are incredibly excited to bring this unique lifestyle hospitality experience to Johannesburg. We are proud to be once again partnering with Kasada to bring an Ennismore brand to Africa for the first time and to open in a new global destination, further expanding the reach of our network”.
Olivier Granet and David Damiba, Managing Partners and co-CEOs of Kasada, said: “We’re thrilled about bringing Kasada’s expertise as the leading hospitality investor and owner on the continent to one of the best lifestyle hotels in Africa. As a committed and responsible investor in South Africa, we see this investment as a key opportunity to further our dedication to supporting economic and socio-economic growth through the tourism and hospitality sectors”.
New Valor/Blend venture
Mark Corbishley, CEO of Blend Property Group, said: “Collaborating with Valor and the voco brand proved highly successful. Their expertise in site and brand selection, financing, project management and operations was invaluable. Together, we achieved a profitable outcome for us and our shareholders. We’re excited to continue our partnership with Valor with our next venture. Blend, with the assistance of Valor, has already secured a contract for a larger development in Cape Town with construction set to begin in late 2024”.
McGlashan added: “Building on our success in Johannesburg, Blend and Valor are now focusing on a landmark project in Cape Town. This initiative will showcase Valor Hospitality’s global expertise in operations, highlighting our commitment to exceptional service and commercial success”.
