Lucid launches new Home* Suite Hotels in SA

Home* Suite Hotels (Supplied)
Home* Suite Hotels (Supplied)

Lucid Ventures, the R350m Cape Town based hotel fund, this week announced the launch of an all new boutique hotel brand Home* Suite Hotels into the South African market.

The brand aims to attract discerning business travellers and well-travelled tourists. Lucid is an investment fund which facilitates a full tax deduction for its investors through its section 12J certification.

The SARS incentive, a critical growth enabler to the South African economy, keeps investment funds onshore and stimulates high growth and job creating industries like tourism.

Lucid's integrated model combines its fund management skills with property development and hotel management capabilities. Its founder Gidon Novick formerly founded kulula.com and the SLOW lounges as co-CEO of Comair. His co-directors are Andrew Kuming, head of urban developer K&S and Graham Wood, former head of Tsogo Sun.

Home* Suite Hotels' first hotel will open on the corner of Oxford and Bristol Roads in central Rosebank next week and will be followed by additional hotels in Rosebank and Sandton in Johannesburg, and Sea Point, Gardens and De Waterkant in Cape Town, over the next 24 months.

The 25 to 80 key hotels will feature larger room sizes, a suburban feel and cutting-edge design by SLOW lounge creator Tonic Design.

The business model is based on efficient capital sourcing through 12J, low in-house development costs and a premium experience at a competitive price point in the four-star market.

Home* Suite Hotels will be positioned in the gap identified between large 150+ room international branded hotels and high-end independent boutique hotels.

ZAR/USD
17.43
(-0.03)
ZAR/GBP
22.82
(-0.20)
ZAR/EUR
20.63
(-0.24)
ZAR/AUD
12.50
(-0.01)
ZAR/JPY
0.16
(-0.12)
Gold
1930.83
(+0.48)
Silver
25.87
(+0.97)
Platinum
936.00
(+0.70)
Brent Crude
45.32
(+2.09)
Palladium
2164.00
(+1.95)
All Share
57417.28
(+0.44)
Top 40
53126.54
(+0.56)
Financial 15
10139.85
(-0.74)
Industrial 25
76210.18
(+0.91)
Resource 10
58992.57
(+0.54)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 978 votes
It depends on how the funds are used.
74% - 6484 votes
No. We should have gotten the loan elsewhere.
15% - 1344 votes
Vote