Boost for City Lodge as it announces deals to sell East African hotels

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The group has inked two separate agreements to sell hotels in Tanzania and Kenya for a total of R142m

Shares of hotel operator City Lodge were on track for their best day in three months on Friday, after it said it had reached agreements worth R142m to sell its hotels in Tanzania and Kenya.

The proceeds of the sale of three hotels in Kenya for R141m, and one in Tanzania, for R1m, will be used to reduce interest-bearing debt, which stood at R530m at the end of December...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

 

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