Boost for City Lodge as it announces deals to sell East African hotels
The group has inked two separate agreements to sell hotels in Tanzania and Kenya
23 July 2021 - 15:52
Shares of hotel operator City Lodge were on track for their best day in three months on Friday, after it said it had reached agreements worth R460m to sell its hotels in Tanzania and Kenya.
The proceeds of the sale of three hotels in Kenya for R141m, and one in Tanzania, for R1m, will be used to reduce interest-bearing debt, which stood at R530m at the end of December...
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