Tsogo Sun, Africa?s biggest hotel and gambling firm, will sell 10 hotels to Hospitality Property Fund in exchange for shares, the two companies announced.
The deal, which is agreed in principle, will increase Tsogo?s stake in Hospitality to more than 50 percent from 27 percent. If the deal is finalised, Hospitality will lease the properties back to Tsogo?s brands.
Tsogo has been evaluating options for its property portfolio, which also includes shopping malls and office blocks, to focus on its mainstay casino and hotel services business.
Tsogo Sun to sell 10 hotels
