Tsogo Sun Hotels (now known as Southern Sun) successfully concludes the acquisition of 100% of Hospitality’s ordinary shares in exchange for the issue of 1.77 TGO shares for every 1 HPB share held. Hospitality delists as an equity issuer from the JSE Limited and is no longer classified as a Real Estate Investment Trust (‘REIT’). Hospitality, as a wholly owned subsidiary of Southern Sun, has adopted its corporate governance framework.

Covid-19 sweeps across the globe. President Ramaphosa declares a national state of disaster on 15 March 2020 and a nationwide lockdown on 23 March 2020 in order to try and contain the spread of Covid-19, which sees the deactivation of the vast majority of Hospitality’s hotels, with the exception of those that meet the government’s prescribed requirements for the support of essential or critical business continuity services.

Tsogo Sun Hotel increases its holding in Hospitality to 75% by way of an acquisition issue in terms of the JSE Listings Requirements, whereby ordinary shares in the share capital of Tsogo Sun Hotels is issued in exchange for Hospitality shares.

Tsogo Sun Hotels, Hospitality’s majority shareholder unbundles from the Tsogo Sun Group and lists separately on the JSE. Hospitality’s Board is reconstituted on 1 June 2018, resulting in improved gender and racial diversity by 3% (to 33%) and 16% (to 56%), respectively.

The acquisition and integration of a further 29 hotel properties from Tsogo Sun Group, effective 1 July 2017. The acquisition of sections and exclusive use areas in the Sandton Eye sectional title scheme, of which Radisson Blu Gautrain forms part, together with the acquisition of a real right to extend the existing scheme by some 10,000m².

The acquisition and integration of 10 hotel properties (effective 1 September 2016), through the issue of Hospitality shares to the Tsogo Sun Group, resulting in Tsogo Sun becoming Hospitality’s majority shareholder with 50.6% interest.  The restructure of the Company’s dual-share capital structure to a single-class capital structure, effective 11 October 2016, brought about the alignment of shareholder objectives. The terms of the restructure awarded one ordinary share for every A share and one ordinary share for every 3.5 B shares held.

Approval from the Western Cape Local Government to development Arabella Phase 2 land, which includes 352 residential erven, a Private Nature Reserve and a 9-hole executive mashie golf course with associated infrastructure.

 Acquisition of the Radisson Blu Gautrain Hotel for a total purchase consideration of R443million.

Acquisition of The Westin Cape Town, Arabella Hotel and Spa (“AHS”) and 460 hectares of undeveloped land adjoining AHS (“Phase 2 land”) for a total purchase consideration of R756million.

Hospitality acquires Protea Hotel The Edward for a total purchase consideration of R110.4million.

Hospitality acquires Holiday Inn Sandton for a R400million.

Hospitality acquires The Richards Hotel, The Bayshore Hotel and Protea Hotel Imperial for a total consideration of R97.7million. During the same year, the Fund acquires The Hazyview Hotel, Hluhluwe Hotel & Safaris, the remaining 35% share in the originally acquired 90 sectional title units at the Radisson Hotel Waterfront in Cape Town, the remaining 32% share in the Park Inn Greenmarket Square in Cape Town and a newly developed extension to the Birchwood Executive Hotel & Conference Centre, comprising 120 new hotel rooms and approximately 10,000m² of conference space for a total purchase consideration of R235.1million.

Hospitality lists on the main board of the JSE with 16 hotel properties.  Its capital structure comprises A and B linked units, which can only be issued in the ratio of 1:1. In terms of its distribution policy, Hospitality distributes 99.99% of its net income. Distribution on the A linked units grow at 5% per annum for the first six years. After year 6, the distribution on the A linked units grow at the lesser of 5% per annum or CPIX. Hospitality’s B linked units receive the residual net income after settlement of the A linked unit distribution entitlement. Hospitality acquires Protea Hotel Victoria Junction for R105million.