The luxury One&Only Cape Town is not for sale and is now profitable following an initial “settling down” period in its first two years of operation, says MD, Clive Bennett, who said, “the hotel is not for sale and that comes straight from (owner) Mr (Sol) Kerzner’s mouth”. Bennett confirmed that the hotel had not made money initially, as it had opened during the worst part of the worldwide economic recession, which had resulted in a decline in foreign arrivals in South Africa. At the same time, competition in the Cape Town market increased as more hotels were opening ahead of the 2010 Fifa World Cup, during which expected occupancies did not materialise. However, he said, business began to turn in October last year. “Occupancies from October to the end of April 2011 have been at just below 80% and at a room rate well above our competitors. Like any hotel when it opens, there was a settling-down period when primary business suppliers held off but the hotel has now found its feet.” He added that occupancies had shown substantial year-on-year growth over the past year and that rates had grown substantially over the past three months. Already the third GM since the hotel’s opening, Bennett said this seeming instability had not been intentional. “I can assure you that management is now stable.” With a decline in arrivals from traditional markets, the hotel was exploring other markets such as South America and was growing its wedding business. It was also looking for strategic partners in Angola, Nigeria, Ghana and Kenya. Commenting on the state of the Cape Town hospitality sector, Bennett said it was overtraded and competition had increased even further with the opening of Hilton Cape Town City Centre. During current conditions, he believed location was paramount and the Waterfront was the best place to be.