JSE-listed Hospitality Property Fund (HPA,HPB), which invests in hotel and leisure properties, is optimistic about the outlook for the hotel industry after a challenging period in the sector, according to CEO Andrew Rogers.

Hotel-focused property loan stock company Hospitality Property Fund’s A-linked unit price rallied 6.06% to close at R17.50 after the fund reported it had met its forecasts for the six months ended December, with A-linked unit distribution growth of 5% to 66.51c, and B-linked unit distributions increasing 16.2% to 9.19c.

Rental income for the period increased 8.3% to R174 million, underpinned by improving overall occupancies and average room rates (“ARR’s”) over the bulk of the properties, more particularly in the core metropolitan portfolio.

Hospitality Property Fund announced on Friday that its unitholders have passed all resolutions relating to the acquisition of Westin Grand Cape Town and Arabella Western Cape Hotel and Spa.

Hospitality Property Fund will acquire the 301-key 4-star Holiday Inn Sandton, adjacent to the Village Walk Shopping Centre in Sandown, for R400 million

Hotel-focused listed property loan stock company Hospitality Property Fund has beefed up its executive management team with the appointment of a chief operating officer.