HOSPITALITY PROPERTY FUND - Sandton

The Fund was established with the aim of offering unitholders an investment vehicle with exposure to the hospitality sector through the ownership of hotel and leisure properties. Both the property and hotel and leisure sectors have recorded sustained growth of late and the prospects for these sectors continue to be positive. The Fund consists of investments in 23 hotel and resort properties in South Africa, and is highly diversified in terms of geographic location, star grading, fixed and variable income and market mix. The properties were independently valued at R2, 73 billion. The Fund’s earnings are distributed in full, as debenture interest, free of tax and linked unitholders consequently are subject to tax according to their individual tax status. The Fund comprises a total of  

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61, 6 million A-linked units and 61, 6 million B-linked units, which are traded on the JSE under the HPA and HPB codes respectively. The A-linked units have a preferential claim to earnings with capped growth. The B-linked units receive the balance of the earnings. The Fund has a BEE ownership component of some 22, 6%. The Board of Directors of Hospitality consists of members from various fields of expertise, predominantly in the property, hospitality and investment sectors. The Fund is managed by Hospitality Property Fund Managers (Pty) Limited, which comprises a team of professionals with extensive experience in both the hospitality and property sectors.