Durban-based Three Cities Group, which owns Three Cities Hotels and The International Hotel School, has been the subject of a management buy-out by directors, Mike Lambert and Murray Jacklin, backed by an investment bank.
Chairman of Three Cities Group, Russell Stevens, comments: “As company founder, it is pleasing to have passed ownership and control to my fellow executive directors, Michael Lambert and Murray Jacklin, in whom I have complete confidence as talented operators to continue to grow a quality and well-respected company. I have agreed to remain on as non-executive chairman for a predetermined period, a position I have held for some time now since appointing Michael Lambert CEO.”
Three Cities says the recent change in management will in no way affect the group’s operations.
