Tsogo Sun Group announced on Wednesday that it will spend US$70 million buying a 75% stake in a Nigeria hotel and US$30 million expanding and renovating a Mozambique hotel.
Tsogo Sun, Bryanston, South Africa, is buying an approximate 75% stake for US$70 million in Ikoyi Hotels Ltd, the holding company of the 195-room Southern Sun Ikoyi, located in Lagos, Nigeria. The hotel has been managed by Tsogo Sun since its 2009 opening.
“This acquisition will cement our presence within the fast-growing Nigerian economy as well as provide a base from which to expand our operations in Nigeria,” said Marcel von Aulock, Tsogo Sun CEO.
Exterior of Southern Sun Maputo
In Mozambique, Tsogo Sun will also spend US$30 million to refurbish each existing guestroom and add 110 guestrooms to the 158-room Southern Sun Maputo.
“The Mozambican economy has shown encouraging signs of growth in recent years, and Tsogo Sun has benefitted from a strong trading performance at the Southern Sun Maputo,” Von Aulock said.
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