Tsogo Sun shuffles Hospitality Property Fund’s top Management
SA’s largest hotel and casino operator, Tsogo Sun Holdings said on Tuesday last week that it had shuffled Hospitality Property Fund's senior management‚ following its takeover.
Vincent Joyner could not have taken over the reins as CEO of Hospitality Property Fund (HPF) at a more difficult time.
When he joined the company in September last year, investor sentiment had hit rock bottom following the surprise sacking of CEO Andrew Rogers, the subsequent resignation of FD Ridwaan Asmal and brewing disquiet among shareholders about the company’s dual share structure.
HPF will get a new CEO and financial director‚ and Joyner will be replaced by Keith Randall at the end of the year. Joyner will also leave the board of HPF.
Earlier this year‚ a deal in which gaming and leisure group Tsogo would inject 10 hotels valued at close to R1.8bn into HPF‚ was given the green light.
HPF is the only hotel-focused real estate investment trust (Reit) listed in SA‚ and Tsogo under the deal would inject the assets in exchange for more than 50% of HPF’s ordinary shares.
This would leave HPF with ownership of 25 hotels‚ and about R7.1bn worth of assets.
HPF has been turned around under Joyner’s stewardship. The company had struggled to grow its income since the 2010 Soccer World Cup‚ when many hotels enjoyed strong visitor numbers.
In its most recent financial results‚ HPF reported that it had grown its profit before distribution by 16.8% to R272m for the year to June‚ and managed to dispose of seven noncore properties‚ for a total net consideration of R189.9m.
Randall holds an engineering degree‚ an engineering diploma and an MBA from the University of Cape Town. He has been with the Tsogo group for more than 20 years‚ principally in the development of new hotels and the oversight of major hotel refurbishments‚ in SA‚ Africa and the Middle East. He is currently the MD of Sun 1 Hotels.
Tsogo bought the Formula 1 Group in SA from Accor and Randall has been responsible for the refurbishment and repositioning of this hotel chain as part of Tsogo Sun.
The board also appointed Mara de Lima as financial director‚ effective from the end of September.
De Lima is a chartered accountant and has been the group financial manager of Tsogo Sun Hotels since 2009.
Riaan Erasmus‚ who has been the acting financial director of Hospitality‚ will continue in the role of senior group financial and treasury manager.
HPF’s board said in a statement on Wednesday: “The board thanks Vincent for his role in the implementation of the transaction and for his tremendous contribution and dedication to the company during what has been an exceptionally challenging period.
“Vincent leaves the company in a considerably better position than when he joined the group in September 2015.”
Tabling the South African National Budget Speech 2017 on Wednesday, Finance minister Pravin Gordhan revealed that properties under R900 000 (previously R750 000) wll not attract transfer duty tax. ... Full story