In a statement the company said it had been in protracted negotiations with Cavkar Properties (Pty) Ltd, the owner of the property, in an attempt to conclude a mutually acceptable agreement for the extension of the lease or the formulation of a new lease on the property. However, the parties have not been able to agree upon terms and conditions that are acceptable to both parties. It therefore appears highly unlikely that the Southern Sun Grayston will continue trading beyond December 31 2011.

Southern Sun continued to say that it remains committed to expanding its portfolio within the Sandton node and is currently evaluating opportunities in this regard.

Source: www.tourismupdate.co.za