Westin owner Hospitality Property Fund fortunes destroyed by lockdown
Hotel owner is unable to operate feasibly while the country is in lockdown level 3
31 May 2020 - 17:34
Hospitality Property Fund (HPF), a subsidiary of gaming and leisure group Tsogo Sun, wrote down the value of its portfolio by R2bn as the economic downturn hits operations.
Now valued at R10bn, the operations of the company, which owns an array of 54 hotel and resort properties in SA, including Cape Town’s Westin and the Mount Grace Country House and Spa, came to a halt because of the Covid-19 pandemic. ..
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