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 Hospitality Property Fund
Location: Sandton, Johannesburg, Gauteng
Property Type: Property Fund
ZAR Price on Application
Contact: estata +27(0)21 794 0908
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Hospitality Property Fund is a property loan stock company, which invests in properties in the hotel and leisure industries. The Fund is a publicly traded company and was listed on the main board of the JSE Limited under the “Financials – Real Estate” sector in February 2006.

The Fund was established with the aim of offering unitholders an investment vehicle with exposure to the hospitality sector through the ownership of hotel and leisure properties. Both the property and hotel and leisure sectors have recorded sustained growth of late and the prospects for these sectors continue to be positive.

The Fund consists of investments in 23 hotel and resort properties in South Africa, and is highly diversified in terms of geographic location, star grading, fixed and variable income and market mix. The properties were independently valued at R2,73 billion.

The Fund’s earnings are distributed in full, as debenture interest, free of tax and linked unitholders consequently are subject to tax according to their individual tax status.

The Fund comprises a total of 61,6 million A-linked units and 61,6 million B-linked units, which are traded on the JSE under the HPA and HPB codes respectively. The A-linked units have a preferential claim to earnings with capped growth. The B-linked units receive the balance of the earnings. The Fund has a BEE ownership component of some 22,6%.

The Board of Directors of Hospitality consists of members from various fields of expertise, predominantly in the property, hospitality and investment sectors. The Fund is managed by Hospitality Property Fund Managers (Pty) Limited, which comprises a team of professionals with extensive experience in both the hospitality and property sectors.

PORTFOLIO REDEVELOPMENT PROJECTS

Hospitality has committed significant funds to expanding, redeveloping and refurbishing a number of properties in the portfolio to strategically position these for maximum long-term growth. The combined capital value of these projects is approximately R500 million, the majority of which will be completed during the coming financial year.

The redevelopment of The Rosebank has been completed at an approximate cost of R314 million. It is expected that the works at the Mount Grace Country House and Spa will completed towards the end of the financial year with the budgeted cost of R140 million. Refurbishments at the three properties in Richards Bay and The Winkler hotel are on track and are anticipated to be completed during the course of the second half of this financial year.

On aggregate the developments are forecast to be initially earnings neutral, but growth enhancing.
 
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