HPF acquires Radisson Blu Gautrain Hotel

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HPF Properties, a subsidiary of Hospitality Property Fund, has entered into a sale agreement with Savana Property for the purchase of the majority interest in the Radisson Blu Gautrain Hotel in Sandton, Johannesburg. The hotel has 216 rooms, eight conference facilities, the Central One Restaurant and Bar, an outdoor swimming pool and a fitness centre. It’s also ideally located directly across the road from Sandton’s Gautrain station.

In terms of the deal, HPF will acquire 78.2% of the hotel portion and 53 parking bays within the scheme for a combined purchase price of R346 million. Savana, the developer of the hotel, will remain a co-owner within the scheme and retain 21.8% of the hotel portion.

Rezidor will continue to manage the property and business on behalf of the existing tenant, Ash Brook. It is expected that the registration of the transfer will take place in March.

For more information visit hpf.co.za