Consortium takes over hotels group

JOHANNESBURG -- A consortium buy-out of Stocks Hotels & Resorts, the Stocks group's hotel interests, was successfully led by Bart Dorrestein and managing director Bruno Corte it was disclosed yesterday.

The R98million acquisition of Stocks Hotels Management Services and Stocks Hotels & Resorts' portfolio of four and five-star hotels, as well as the take-over of Stocks' Namibian hotel interests on resolution of certain issues with the Namibian authorities, is subject to certain suspensive conditions being met.

The portfolio includes three bush lodges and conference centres in the Pilanesburg, Kwa Maritane, Bakubung and Tshukudu; The Ports Wood and Commodore on the V&A Waterfront in Cape Town and two city centre hotels, the Centurion Lake Hotel and The Michelangelo on Sandton Square.

The buy-out meant that Stocks Hotels & Resorts would be de-listed on the Johannesburg Stock Exchange. Existing Stocks Hotels shareholders would receive a cash dividend on liquidation at a price to be decided. -- Sapa