Tsogo Sun Hotels announced on Friday, 3 July, that it hopes to purchase additional shares in Hospitality Property Fund real-estate investment trust.
The proposal was made by Tsogo Sun on account of the fact that the fund was trading at a much lower rate than its net asset value, according to Money Web.
However, in order for them to purchase the additional shares, shareholders are required to agree to it. This is because Tsogo Sun will have to issue new shares.
No details about the value of the new deal, or the size of the shares, has been confirmed by Tsogo Sun, reported Investing.com.
Tsogo Sun Hotels is Africa’s leading hospitality group with a heritage of 50 years. Its portfolio spans more than 100 hotels in South Africa, Africa, Seychelles, and the Middle East, more than 300 restaurants and bars, and over 250 conference and banqueting facilities including the renowned Sandton Convention Centre.
Despite its size and success, it has been hard hit by the COVID-19 pandemic. After closing its doors for the nationwide lockdown, it has only recently been able to reopen after months of being shut.
‘For the first time in our history, we had to close our doors, and stop being of service to our guests. Our doors are open again. It’s time to return to superior attention, intuitive service, complete care, its time to return to Tsogo Sun Hotels,’ said Tsogo Sun in a Facebook post on June 15.
In June, a 9% drop in annual core earnings were reported by the company, according to Money Web.
Also read: Tsogo Sun to take over Mount Grace in Magaliesburg.
Featured Image: Facebook / The Beverly Hills
