Management buy-out for Three Cities

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According to Tourism Update, 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.

“As company founder, it is pleasing to have passed ownership and control to my fellow executive directors in whom I have complete confidence as talented operators to continue to grow a quality and well-respected company,” said Russell Stevens, Chairman of Three Cities Group. 

Stevens has agreed to stay on as a non-executive chairman for a predetermined period, a position he has held since appointing Michael Lambert as CEO.

Three Cities says the recent change in management will in no way affect the group’s operations.

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