Tsogo Sun Hotels sells its 50% interest in Seychelles asset

Tsogo Sun Hotels will sell its stake in United Resorts and Hotels, which has assets in the Seychelles, for R465m.

The money, which represents about a fifth of the group’s R2.3bn market capitalisation, will help Tsogo Sun Hotels reduce its debt. The hotel industry is struggling to survive amid the economic uncertainty brought about by the Covid-19 pandemic, which has brought the tourism industry to a standstill...