"Southern Sun is planning to reopen the hotel under its own brand in the first half of next year. "
The Grace Hotel in Rosebank previously managed by listed hospitality group African Sun has been sold off to Southern Sun for more than $10 million.
The JSE-listed property owner Hyprop announced the conclusion of the deal.
The transaction encompassed the sale of the entire building including the hotel premises and offices.
"We are pleased to have concluded a speedy transaction, in this instance with Southern Sun which is keen to establish their first hotel in the Rosebank node," said Hyprop chief executive Pieter Prinsloo.
Southern Sun is planning to reopen the hotel under its own brand in the first half of next year.
African Sun pulled out of the property and The Lake Hotel and Conference Centre as part of its restructuring.
The two properties had resulted in the company recording a $1 million ,loss as a result of access rooms in South Africa.
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