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SPEAR REIT LIMITED - Termination of the Agreement of Lease for 15 On Orange

Release Date: 17/03/2021 17:00
Code(s): SEA     PDF:  
Wrap Text
Termination of the Agreement of Lease for 15 On Orange

(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
(“Spear” or “the Company”)


Shareholders are hereby advised that Spear Reit Limited has exercised its right to terminate
the agreement of lease with Luxury Hotels International South Africa (Pty) Ltd (“Marriott”) for
the 15 on Orange Hotel, Cape Town.

The global pandemic has weighed heavily on the hospitality sector with the international and
local tourism market having been negatively affected. South Africa as a travel destination
remains precluded by numerous feeder markets, posing a far slower recovery than other parts
of the globe. The near term prospects for an improved recovery remain challenging, resulting
in Spear terminating the lease agreement and reaching an agreement with Marriott to
discontinue operations. Marriott will hand back the hotel to Spear by no later than 1 June 2021.

Management will provide an update on the repurposing of 15 on Orange Hotel during the
course of tomorrow, 18 March 2021.

Cape Town
17 March 2021

PSG Capital

Date: 17-03-2021 05:00:00
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