5 star hotel accommodation is really suffering:
From the August 2011 Rosebank Review sent out by the Rosebank Management District
African sun Hotels has decided to close the Grace hotel on 31 August 2011 due to the continued pressures of the global recession which have negatively affected the South African travel and tourism industry. The hotel has suffered from both a reduction in overseas and domestic visitors, particularly a shrinkage in corporate business which has migrated away from five star accommodation. African Sun has elected to withdraw from the five star hotel industry in Johannesburg, which is likely to remain under pressure for the short to medium term. Low room rates and rising operating costs, coupled with an oversupply of hotel rooms and the subsequent “rate war” has added to the inability of the hotel to weather the downturn in the hospitality sector.