National Property Portfolio on Auction

National Property Portfolio on Auction
Loading

Hospitality Property Fund Distributions up as market improves

February 21 2013 at 08:00am
By Roy Cokayne

Comment on this story

An improving hospitality business environment helped Hospitality Property Fund to lift interim distributions. The listed hotel and leisure property fund reported yesterday that distributions for the six months to December last year would grow an annual 5 percent to 66.51c for each A-linked unit and 16.2 percent to 9.19c for each B-linked unit. Both distributions were in line with those contained in the forecast in Hospitality’s rights offer circular issued in May last year. The fund said industry statistics had confirmed the recovery trend in the hospitality market that had commenced about 12 months ago, with growth in occupancies and room rates matching levels last seen prior to the global downturn in 2008. Hospitality said it had made further progress with its strategy of improving the quality of its property portfolio. The acquisition of 78.2 percent of the Radisson Blu Gautrain Hotel in Sandton and associated facilities for R346.7 million in December was a prime example of this strategy. It said the fund was well positioned to benefit from the positive fundamentals and recovery in the hospitality sector. Distributions for the year to June were expected to be at least in line with the forecast issued in the rights offer circular. The A units rose 6.06 percent to R17.50 while the B units fell 4.35 percent to R4.40 yesterday. – Roy Cokayne


sign up
 
 

Comment Guidelines


  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

 IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
IOL Travel

Make sure you find the best available airfares with our easy-to-use search engine.

Travel_pic_enw
Sudoku