HOSPITALITY PROPERTY FUND LIMITED - HPA/CLH Voluntary announcement Sale of Hospitalitys interests in the Courtyard portfolio to City Lodge Hotels Limit

HPA/CLH Voluntary announcement Sale of Hospitality’s interests in the Courtyard portfolio to City Lodge Hotels Limit

City Lodge Hotels Limited
"City Lodge"
(Reg. No. 1986/002864/06)
(Incorporated in the Republic of South Africa)
Share Code: CLH
ISIN Code: ZAE000117792

Hospitality Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/014211/06)
Share code for A-linked units: HPA
ISIN for A-linked units: ZAE000076790
Share code for B-linked units: HPB
ISIN for B-linked units: ZAE000076808
(“Hospitality”)

VOLUNTARY ANNOUNCEMENT: SALE OF HOSPITALITY’S INTERESTS IN THE COURTYARD
PORTFOLIO TO CITY LODGE HOTELS LIMITED

Shareholders are advised that City Lodge and HPF Properties Proprietary
Limited (“HPF”), a wholly owned subsidiary of Hospitality have concluded
an agreement in terms of which HPF has disposed of its interests in the
Courtyard portfolio to City Lodge for a total cash consideration of R80
million (“the sale”). The effective date of the sale is 1 May 2015.
HPF’s interests in the Courtyard portfolio comprises:

-  50% share in Gallic Courtyard (Arcadia) Share Block Proprietary Limited;
-  50% share in Gallic Courtyard (Bruma Lake) Share Block Proprietary Limited;
-  50% share in Gallic Courtyard (Rosebank) Share Block Limited;
-  50% share in Gallic Courtyard (Sandown) Share Block Limited; and
-  50% share in 5 sectional title units at Courtyard Sandton and 1 at Courtyard Rosebank.

The conditions precedent to the sale have all been fulfilled and the sale
is therefore completed.

24 April 2015

Sponsor to Hospitality
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Sponsor to City Lodge
JP Morgan Equities Limited


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