Sale of iconic Bank Building, home to voco Johannesburg, opens new chapter for Valor and Blend – Cape Town next
The Bank, a landmark in Johannesburg’s Rosebank district, is changing hands. This sale not only signifies the end of Valor Hospitality Partners’ management of Africa’s first voco-branded hotel but also heralds a new era for the building. Owned by Blend Property Group, The Bank is poised to welcome a new brand and operator. Let’s explore how this iconic structure became a staple of Johannesburg’s urban fabric and what the future holds.
A New Chapter in Johannesburg
Valor Hospitality, a global leader in hospitality management, and Blend Property Group have announced the sale of The Bank to a new owner, marking the conclusion of Valor’s transformative management of the property. Euan McGlashan, Global Co-Founder and CEO of Valor Hospitality, expressed his regret and disappointment over the transition but emphasised the successes achieved during their tenure. “Despite challenges such as the COVID-19 pandemic, our team successfully transformed this venue into an award-winning destination and a primary attraction in Rosebank. We are so proud of this achievement,” McGlashan stated.
Mark Corbishley, CEO of Blend Property Group, highlighted the significance of the sale, noting, “The successful sale of The Bank marks a significant milestone for us. This project showcases innovation and resilience in the South African real estate market, as well as the strength and adaptability of our teams.” The collaboration between Valor and Blend has resulted in a unique mixed-use complex that seamlessly integrates hotel accommodation, dining, and office space, offering an immersive and practical experience for both business and leisure visitors.
Valor and Blend’s Collaborative Success
The Bank’s redevelopment has set new standards in the hospitality industry, reflecting the synergy between Valor Hospitality and Blend Property Group. The collaboration transformed a former FNB bank building into a modern architectural marvel that remains rooted in its historical charm. Originally a four-storey structure, The Bank was reimagined into a 12-storey, 12,000-square-metre complex that combines modern luxury with elements of its 1970s origins. This R500 million investment showcases the visionary approach of award-winning architects, developers, and interior designers who redefined Rosebank’s skyline.
The partnership between Valor and Blend proved successful, with both parties benefiting from the endeavour. “Collaborating with Valor and the voco brand proved highly successful. Their expertise in site and brand selection, financing, project management, and operations was invaluable. Together, we achieved a profitable outcome for us and our shareholders,” Corbishley shared.
The Rise of voco Johannesburg Rosebank
One of the crowning achievements of this collaboration was the introduction of Africa’s first IHG voco-branded hotel. Opening in 2022, the voco Johannesburg Rosebank redefined business travel in Southern Africa. The 131-room hotel occupies six floors of The Bank, blending the boutique charm with the renowned quality and professionalism of the IHG group. Soon after its launch, the hotel garnered significant attention, earning nominations for Africa’s Leading New Hotel and South Africa’s Leading Business Hotel from the World Travel Awards.
McGlashan reflected on the success of the voco brand in Johannesburg, stating, “Alongside IHG and Blend, we have established voco as a brand that effortlessly fits into many African markets, surprising and delighting guests with personalised services, bespoke experiences, and the modern conveniences of a global brand. voco has certainly set the gold standard for hotels in Rosebank.”
Cape Town Awaits
With the chapter in Johannesburg closing, Valor and Blend are setting their sights on Cape Town. The duo has secured a contract for a larger development in Cape Town, slated to begin construction in late 2024. This project is expected to be a landmark, showcasing Valor Hospitality’s global expertise in operations and underscoring their commitment to exceptional service and commercial success. “Building on our success in Johannesburg, Blend and Valor are now focusing on a landmark project in Cape Town,” McGlashan said, hinting at an exciting future.
Looking Ahead: Opportunities and New Ventures
The sale of The Bank in Rosebank marks the end of a remarkable journey for Valor Hospitality and Blend Property Group, but it also opens the door to new possibilities in Cape Town. As Valor and Blend continue to push boundaries and redefine hospitality standards, the legacy of The Bank will serve as a testament to their shared vision and innovation in the South African real estate market.
