HOSPITALITY
Capital challenges ‘lazy’ hospitality industry with hybrid 'disruptor'
Property entrepreneur Marc Wachsberger is launching a hotel, apartment and conferencing hybrid which he says will compete with a “lazy” hospitality industry and take market share away from conferencing king Sandton Convention Centre. Almost no hotels have been built in the country since 2010, but Wachsberger, CEO of The Capital Hotels and Apartments group, has been working on his flagship R500m corporate traveller property. The Capital On The Park, on Katherine Street in Sandton, opens in April and Wachsberger argues that its mix of residential and hotel rooms with shared management services means it can compete with old corporate hotels as well as house-share service Airbnb. “The hotel industry has been very lazy for many years and it has been ripe for disruption. Basically in the old model, people including corporate workers paid set daily rates that included all kinds of extras that they rarely used. For example, I know of hotels that offer turn-down services but they have not ha...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.