Redefine Properties International60% stake in Earl’s Court hotel bought

Redefine Properties International had acquired a 60 percent stake in the Earl’s Court Holiday Inn Express Hotel in London for £8.7 million (R123.4m), the property investment company said yesterday. It has acquired 60 percent of the issued shares in BNRI Earls Court, which owns the 150 bedroom hotel valued at £27m, from Camden Lock and Earl’s Court LLP. The company, which is controlled by Bashir Nathoo, owns the remaining 40 percent shareholding in BNRI Earls Court. The hotel formed part of the Splendid Hotel Portfolio of seven hotels that were originally co-owned by Nathoo, five of which were acquired by Redefine International in December 2010. Redefine International shares rose 0.53 percent to close at R5.68 yesterday. – Roy Cokayne