News Formal

KZN's Fairmont Zimbali Hotel enters into business rescue

  • 📰 SowetanLIVE
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 63%

Malaysia News News

IFA Fair Zim Hotel & Resort Proprietary Ltd said the decision was prompted by the Covid-19 pandemic which “continues to disrupt local and global travel and tourism markets”.

The Fairmont Zimbali Hotel says the prolonged lockdown, 'the longest in the world to date with limited support from government', had eroded its revenue base.The owners of the luxurious Fairmont Zimbali Hotel announced on Thursday that they have entered into business rescue.

“The consequent stagnation in global economic activity together with the South African government-imposed national state of disaster has affected negatively on our business,” said general manager Wayne Krambeck.he Fairmont Zimbali Hotel, in particular, faced an “unprecedented situation” after the lockdown and border closures, despite experiencing exponential growth with record turnover from November 2019 to March 2020.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

KZN's Fairmont Zimbali Hotel enters into business rescueThe owners of the luxurious Fairmont Zimbali Hotel announced on Thursday that the hotel has entered into business rescue
Source: TimesLIVE - 🏆 28. / 59 Read more »