Tsogo shakes up management of Hospitality Property Fund
HOSPITALITY Property Fund (HPF) will get a new CEO and financial director, following its takeover by Tsogo Sun.HPF’s current CEO, Vincent Joyner, will be replaced by Keith Randall at the end of the year. Joyner will also leave the board of HPF.Earlier this year, a deal in which gaming and leisure group Tsogo would inject 10 hotels valued at close to R1.8bn into HPF, was given the green light.HPF is the only hotel-focused real estate investment trust (Reit) listed in SA, and Tsogo under the deal would inject the assets in exchange for more than 50% of HPF’s ordinary shares.This would leave HPF with ownership of 25 hotels, and about R7.1bn worth of assets.HPF has been turned around under Joyner’s stewardship. The company had struggled to grow its income since the 2010 Soccer World Cup, when many hotels enjoyed strong visitor numbers.Joyner joined HPF in September last year.In its most recent financial results, HPF reported that it had grown its profit before distribution by 16.8% to R...
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