The City Lodge Hotel Group has acquired Hospitality’s interest in the Courtyard Hotel portfolio for R80m, effective from May 1.
The sale agreement involves Hospitality’s 50% interest in Gallic Courtyard (Arcadia) Share Block Proprietary Limited; Gallic Courtyard (Bruma Lake) Share Block Proprietary Limited; Gallic Courtyard (Rosebank) Share Block Limited; Gallic Courtyard (Sandown) Share Block Limited; and its 50% share in five sectional title units at Courtyard Hotel Sandton and one at Courtyard Hotel Rosebank.
The City Lodge Hotel Group will now wholly own these hotels as of May 1. Courtyard Hotel Port Elizabeth is already wholly owned by the group.
Explaining the rationale for the deal, City Lodge CEO, Clifford Ross, said: “The Courtyard Hotel brand is an integral part of the City Lodge Hotel Group’s portfolio of brands and complements our strategy of providing quality accommodation options in the one-star to four-star business and leisure traveller markets in South Africa.”
The group has 52 hotels in South Africa across the Courtyard Hotel, City Lodge Hotel, Town Lodge and Road Lodge brands. The 148-room City Lodge Hotel Newtown, Johannesburg, and the 90-room Road Lodge Pietermaritzburg are also currently under construction.
