Tsogo Sun on the hunt for real estate investments
Chief executive Marcel von Aulock said the group, which was cementing its inland footprint with the construction of a 123-room hotel in Fourways, Johannesburg, had trimmed expenses through a lease buy-out of the Southern Sun Pretoria.
Von Aulock said the focus was now on the property market. “Lots of Reits are under a lot of pressure, there are assets for sale and we think there are great opportunities out there to expand the portfolio,” Von Aulock said.
Tsogo Sun Hotels, which presented its first half-year results since unbundling from Tsogo Sun Gaming earlier this year improved its total income 2percent to R2.1billion.
It achieved this with a 3percent growth in hotels rooms revenue and a 4percent growth in food and beverage revenue offset by a 2percent reduction in other income. Earnings before interest, income tax, depreciation, amortisation, property rentals, long-term incentives and exceptional items (Ebitdar) of R559million ended 3percent down compared to the corresponding period last year.
Source: iol.co.za
