TSOGO Sun will acquire control
of Hospitality Property Fund (HPF)
by vending a portfolio of hotels
into Hospitality Property Fund in
exchange for shares, after a deal
was approved by the Competition
Tribunal. The deal will add 16 hotels
to Tsogo’s portfolio.
“We now own an additional 16
hotels as a result of this merger.
The hotels continue to be operated
and leased by the existing third
parties, including Radisson, Protea,
aha and, in the case of the Holiday
Inn and Crown Plaza, by Tsogo,”
Marcel von Aulock, ceo of Tsogo
Sun, told TNW.
In response to the fact that Tsogo
Sun now owns hotels managed
by competitors, Marcel said multibrand
multi-operator property funds
were quite common globally. “To the
extent that there are sensitivities
around certain information from
the third-party operators, this has
been addressed through a protocol
agreed with the Competition
Authorities,” he added.
Tsogo bags HPF
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