Cresta Marakanelo Limited announced that it has entered into agreements with Phakalane Estates Proprietary Limited, Nectar Holdings Proprietary Limited and Real Time Services Proprietary Limited, for CML to lease Phakalane Golf Estate Hotel & Convention Centre and acquire certain hotel furniture, fittings and equipment for a consideration of P10,727,200. Phakalane Hotel is an established business in the hospitality industry, providing accommodation, conferencing facilities as well as food and beverages. The consideration was arrived at with reference to an independent valuation of the moveable assets and is payable over a 24-month period. The lease includes the golf course and will be for a period of 10 years with an option to renew for further 10-year periods.