HOSPITALITY Property Fund (HPF) has turned around under the management of CEO Vincent Joyner and is set to compete with other mid-cap property companies on the JSE, following an investment from Tsogo Sun.Last month Southern Sun Hotels, owned by Tsogo Sun, was given the green light to acquire a controlling share in HPF.Tsogo would inject 10 hotels valued at close to R1.8bn into HPF, which is the only hotel-focused real estate investment trust (Reit) listed in SA, in exchange for more than 50% of HPF’s ordinary shares. This will leave HPF with ownership of 25 hotels, and about R7.1bn worth of assets.Joyner said on Wednesday, while commenting on HPF’s results for the year to June, that the company had become an attractive investment for people who wanted to gain exposure to SA’s hospitality industry."After the Tsogo Sun deal, we will have gained scale as a specialised Reit on the JSE. We offer investors the opportunity to gain exposure to some of the best hotels and hospitality assets ...
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