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MILLAT ANNOUNCES OPENING OF HYATT REGENCY CAPE TOWN

Rapid and successful refurbishment of 137-room hotel enables opening before Christmas

Cape Town, December 15, 2020 - Millat Properties ("Millat"), the South African real estate company, is pleased to announce the opening of Hyatt Regency Cape Town, the first Hyatt-branded property in the 'Mother City'.

The hotel will welcome guests with newly renovated rooms and public areas while the full refurbishment is expected to be completed in the coming months. The renovations have been led by Millat working closely with the Hyatt team and award-winning, international interior designers - LW Design Group.

We set ourselves the challenge of opening an international grade hotel before Christmas to give an economic and momentum boost to Cape Town and South Africa. It is a highly anticipated opening in the country. A promise was made and was delivered upon.

The pandemic has led to a pause in the capital being deployed by international investors, but we have continued to invest during these difficult times. New jobs have been and will be created as a result of our vision and investment in Hyatt Regency Cape Town. The hotel opening will only encourage both domestic and international tourism.

Millat is recognized as getting the job done and bringing solutions. Our pipeline of business opportunities, reflecting our optimism about the post-Covid economic landscape, continues to build. We are reviewing and progressing due diligence on various projects, both in South Africa and internationally, where they fit our criteria and opportunities for value arbitrage exist.

Located in the bustling Bo-Kaap neighborhood only a few minutes from Table Mountain, V&A Waterfront and Robben Island Ferry, Hyatt Regency Cape Town will provide all the tools to stay connected and energized to its guests. Designed for productivity and peace of mind, Hyatt Regency Cape Town boasts a memorable culinary experience and flexible spaces to work, collaborate or relax. To make travel free from stress, expansive technology-enabled facilities for meetings and events are provided, and expert planners anticipate every detail of a guest's stay.

Millat extends its thanks to Hyatt and the Department of Trade, Industry and Competition for their respective collaborations in this successful venture.


Hamza Farooqui, Chief Executive Officer of Millat Properties, commented:
"It has been fantastic to work with the team at Hyatt. To open on time, as promised, despite the extraordinary circumstances of 2020 is testament to the hard work of everyone involved. With Hyatt Regency Cape Town now up and running in its iconic location - we look forward to progressing other opportunities for the benefit of South Africa, and internationally."


Peter Fulton, Group President EAME/SWA at Hyatt, said:

"We are extremely excited to welcome guests to the first Hyatt hotel in Cape Town. For business travelers, the hotel provides easy access to the financial district and Cape Town International Convention Centre, while its location in the colorful Bo-Kaap neighborhood makes it a great base for leisure travelers, too. The hotel's tranquil ambiance and modern design will ensure a stress-free guest experience and we are proud that we can now offer the renowned seamless and personalized experiences, that the Hyatt Regency brand is known for, to visitors to South Africa."

"This is also one of the quickest openings we've had. We have been delighted to work with an owner who knows the hotel business and how to operate in-country."

Yunus Hoosen, Head of Investment Promotion at the Department of Trade, Industry and Competition, said:

"It is fantastic to see the Hyatt Regency Cape Town open its doors for the first time and show South Africa is very much open for business. We are confident of welcoming other international brands and companies and building on this positive momentum for the hospitality sector and South Africa. Tourism and the hospitality sector is now on a rebound and important drivers for our economic recovery and job creation."

Rick Ross, Global Chair of Hotels & Leisure at Dentons, lead counsel on the negotiation of the management agreement with Hyatt, commented:

"The Farooqui family has great pride of ownership regarding this hotel, and I am proud to have helped them negotiate their agreement with Hyatt. I know Hyatt really appreciates working with sophisticated owners who share their goals for financial success, but also their brand values, and their commitment to guests, employees, and the wider community. These are values the Farooqui family feels strongly about too - and are the foundation for a great long-term relationship between Hyatt and the Farooqui family."

Pooja Shah-Mulani, Design Director, LW, who coordinated the redesign of the hotel, said:

"We are so thrilled to be working with Millat and Hyatt on this project in the beautiful city of Cape Town. It is our first project on the continent and has been a unique experience so far. We were tasked to create a fresh new look that was simple, refined yet comfortable. Given the incredibly fast turnaround and a 'post Covid opening' it was a great opportunity to think of design in a different way. We have thought of materials and applications to give a maximum impact with minimum disruption and the result has been phenomenal."

About Millat Properties

Millat Properties is part of Millat Group - a private family office which uses its own balance sheet to bring clever and entrepreneurial solutions to complex commercial problems. The Group has a strong investment portfolio which includes real estate, direct investments, and private equity holdings. It owns flagship assets in South Africa and internationally. It deploys its capital and know-how on assets and sectors it deeply understands. Its sectors of expertise include real estate, hospitality, technology, and financial services.

For more information, please visit: www.millatinvest.com

About Hyatt Regency Cape Town

Guestrooms
The 137 guestrooms and suites at Hyatt Regency Cape Town each boast large floor-to-ceiling windows or a balcony as well as walk-in rain showers. Designed intuitively and with all the essentials, guests can make the most of their time away with each room offering an expansive workspace, spacious desk, and complimentary wireless high-speed internet access.

Dining and Drinking
At 126 Cape Kitchen & Cafe, guests are taken on an unexpected culinary journey. Created with flavors from traditional South African, Cape Malay and Asian cuisine, guests can enjoy a world-class dining experience. An international breakfast buffet with a variety of delicious food and beverage ensures that guests start the day off right. Guests can also take in the breathtaking views of Signal Hill while unwinding and enjoying one of the signature drinks on the outside pool deck.

Meeting and Events
Hyatt Regency Cape Town is designed to foster productivity and deliver flawless meeting experiences with the assurance of expert planners who anticipate every detail. Over 1,873 square feet (174 square meters) of event space, six different meeting rooms and two executive boardrooms can accommodate up to 140 guests for social events, weddings, and business meetings.

The state-of-the-art technology and audiovisual equipment paired with responsible and empathetic service allows guests at Hyatt Regency Cape Town to enjoy stress-free experiences.

For more information, please visit: hyattregencycapetown.com