Tsogo Sun set to transfer three hotels into subsidiary
JSE-listed gaming and leisure group Tsogo Sun is due to transfer more hotels into its subsidiary, Hospitality Property Fund, in a move that would boost its assets base. Tsogo owns three Sandton-based hotels in a joint venture with the Liberty group and is looking to move these properties into Hospitality, the only hotel-focused real estate investment trust listed in SA. Its other subsidiary, ResHub, will acquire the underlying management companies of the three hotels. More details about the terms of the merger will be disclosed soon, according to Hospitality. The Competition Tribunal on Thursday accepted that these deals would go ahead without conditions. In terms of the merger, Hospitality would acquire the underlying hotel properties in respect of Sandton Sun Hotel, Intercontinental Johannesburg Sandton Towers Hotel and the Garden Court Sandton City Hotel. ResHub would take over the hotel businesses in respect of the three hotels. Hospitality would also acquire Sandton Convention ...
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