Sale of iconic Bank building opens new chapter for Valor and Blend Property
Industry-leading management company Valor Hospitality has announced that Blend Property Group – owner of The Bank, home to the voco Johannesburg Rosebank – is concluding a sale of the property to a new brand and operator. This sale marks the end of Valor Hospitality Partners’ collaboration in Johannesburg, completing its management of Africa’s first voco-branded hotel.
Euan McGlashan, global co-founder and CEO of Valor Hospitality, expresses his regret and disappointment over the sale of the iconic establishment and confirms Valor would no longer manage the site.
“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,” he says.
Mark Corbishley, CEO of Blend Property Group, shares his thoughts: “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 two companies’ combined efforts resulted in The Bank’s unique mixed-use complex, which integrates hotel accommodation, dining and office space – offering an immersive yet practical experience for both business and leisure visitors.
“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.
“We’re excited to continue our partnership with Valor with our next venture. Blend, with the assistance of Valor, has already secured a contract for a larger development in Cape Town, with construction set to begin in late 2024,” Corbishley reveals.
McGlashan adds: “Building on our success in Johannesburg, Blend and Valor are now focusing on a landmark project in Cape Town. This initiative will showcase Valor Hospitality’s global expertise in operations, highlighting our commitment to exceptional service and commercial success.”
Developing an icon
In early 2019, Blend Property Group partnered with Valor Hospitality to develop, construct and manage The Bank, originally an FNB bank building from the 1970s that Blend acquired in 2016. A team of award-winning architects, developers and interior designers re-envisioned it, transforming the R500-million investment into one of Rosebank’s most significant properties in recent years. The 4 000-square-metre, four-storey structure was redeveloped into an architecturally distinctive, modern 12-storey, 12 000-square-metre space while preserving its old-world charm with open spaces and wooden features.
Part of the redevelopment was Africa’s first IHG voco–branded hotel, which set a new benchmark for southern African business travel.
Opening in 2022, the 131-room hotel became the anchor tenant for The Bank, seamlessly blending lifestyle experiences and diverse offerings into a single destination. Occupying six floors of the expansive building, the hotel offers guests the unique charm of a boutique hotel, along with the high quality and professionalism expected from the IHG group.
Shortly after opening in 2022, the World Travel Awards nominated voco Johannesburg Rosebank as Africa’s Leading New Hotel. In 2023 and 2024, it received nominations for South Africa’s Leading Business Hotel.
“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.
“We are currently exploring a similar partnership, applying The Bank’s proven model to the new development in Cape Town,” McGlashan concludes.
