Tsogo Sun sells 29 hotels
Cape Town, South Africa – 18 May 2017 –
South Africa’s Tsogo Sun Holdings sells 29 hotels to Hospitality Property Fund for a 3.6 billion rand (US$268 million) mix of cash and shares.
The transaction is part of Tsogo’s strategy to lessen its direct exposure to the hotel business and focus more on entertainment and gambling, Reuters reported.
“The transaction represents an attractive acquisition for Hospitality, with the Tsogo portfolio comprising 29 successful and established hotel properties,” Hospitality said.
Hospitality will issue 174 million shares to Tsogo and pay it … Read More