City Lodge falls on Kenya hotel buy

Johannesburg - Shares of City Lodge Hotels [JSE:CLH] fell 1.7% after the company’s announcement that it plans to acquire 50% of Kenya’s Fairview Hotel, subject to regulatory approval.

Shares are down 1.7% at R78.62, the biggest intra-day drop in nearly a month. Johannesburg’s All Share [JSE:J203] index is down 1.1%.