Hospitality moves on top hotels
Johannesburg - The listed Hospitality Property Fund [JSE:HPA] could soon be the new owner of two of the country's best-known five-star hotel assets.
On Wednesday Hospitality announced that it was in advanced negotiations to acquire the Arabella Western Cape Hotel & Spa with its 145 rooms near Hermanus and the Westin Grand Arabella Quays hotel with 483 rooms in Cape Town from Arabella South Africa Holding.
Included in the proposed transaction is 437 hectares of undeveloped land alongside the Arabella Country Estate.
Hospitality deputy CEO Andrew Rogers says the purchase price is confidential at this stage, but will be disclosed at a later stage.
Hospitality invests mainly in hotel and hospitality property. Its current 25 assets include the Mount Grace Country House & Spa, the Crowne Plaza in Rosebank and the Holiday Inn in Sandton.
Rogers says these three hotels are fully booked for the 2010 FIFA World Cup soccer tournament.
For business news in Afrikaans, go to www.sake24.com.