- Reduction in Hotel Size:
Firstly, pre-COVID-19 the hotel was already large, at 300 suites.
Now, with COVID-19 having intervened, the hotel component of the building would be very much oversized, if it stayed at 300 suites.
- Pivoting From a Hotel-Only Building to a Lifestyle Centre Building With Both Hotel and Apartment Components:
Braamvest Trust, the owner of 170 of the 300 Sectional Title (ST) units in the building has adopted what it believes is a win-win conversion: Converting some 100 to 200 of the 300 Sectional Title (ST) suites into one-bedroom apartments, and correspondingly reducing the size of the hotel component to 100 to 200 suites with extensive conferencing, meeting and other hotel facilities.
The building is now being promoted as the Parktonian Lifestyle Centre, with the aim of creating an ambience in both the apartment and hotel components that is very attractive to trendy up-and-coming young professionals.
- Benefits to Apartment Residents of Living in a Building With a Luxury Hotel Component:
It is believed that a 100 to 200 luxury one-bedroom apartments, located within a Lifestyle Centre containing a hotel, will be very lettable at higher rentals than comparable apartment-only buildings because of the following factors:
An operating luxury hotel environment offers many premium activities and services that most apartment blocks cannot offer. These include on-site restaurant and bar services, room service, laundry service, mini-bus transport services, heightened security etc.
The apartment contain a full sized desk/workstation that means that residents can work from home without having to pay additional office rent.
Also, with judicious use of nearby Gautrain and the Parktonian’s shuttle bus services, a resident can possibly obviate having to own a car – so making further savings.
In addition, this particular hotel has a most spectacular Skylevel, with a bar/terrace and outstanding cityscape views over the city. There is also an outdoor pool and a gym on the Skylevel.
It is likely that these benefits will be very attractive to the trendy up-and-coming young professionals being targeted.
The following info on our Sectional Title scheme will all apply again in a post-Covid world, albeit with a smaller sized hotel involved: