Hotel conglomerate, Sun International, has sold its shares in various businesses located in Botswana, Zambia, Lesotho, Namibia and Swaziland to Minor International Public Company (MINT) for M664 million.
MINT is a hotel-owner, operator and investor with a portfolio of hotels and serviced suites in 20 countries under the Anantara, AVANI, Oaks, Per AQUUM Elewana and Four Seasons, St Regis, Marriott, Radisson Blu and Minor International brands.
In a statement, the group said the acquisition by the biggest leisure and hospitality firm in Asia Pacific would come with many changes.
“The investment by MINT will be a combination of an acquisition of existing shares from Sun International…and the acquisition of an interest in the operating management agreements whereby Sun International Management Limited provides management and related services in respect of each of the African Assets,” Sun International said in the announcement.
“MINT will also commit to invest into those operations that require refurbishment in the short to medium term.”
However, Sun International would continue to manage the casino operations in these countries with MINT taking over day-to-day management for the hotel operations, the statement further noted.
Asked if the MINT takeover would result in the loss of jobs in Lesotho, where Sun International operated the Lesotho Sun and Maseru Sun hotels, and a change of names of the two facilities, the Sun International Group General Manager: Corporate Brand & Communications, Michael Farr yesterday told the Lesotho Times from Johannesburg, South Africa: “At this stage, no employees are affected by the proposed transaction.
“As for the names of the two hotels, the Avani brand will be introduced on properties in Lesotho.Once the proposed transaction is approved, we will be able to provide further milestones.”
On the issue of the management of the two facilities, Mr Farr said: “Sun International has gained a partner with vast experience in the hospitality industry. MINT is a hotel-owner, operator and investor with a portfolio of 110 hotels and serviced suites under the Anantara, AVANI, Oaks, Per AQUUM Elewana, Four Seasons, St Regis, Marriott, Radisson Blu and Minor International brands.
“MINT’s hotel portfolio includes properties in Thailand, Australia, New Zealand, Maldives, Vietnam, the Middle East, Sri Lanka, China, Malaysia, Indonesia and Cambodia. In Africa, it has invested in game lodges and hotels in Tanzania, Kenya, and Mozambique and the Proposed Transaction is a complementary fit to these assets.
“MINT is one of Asia’s largest restaurant companies with over 1500 outlets in 20 countries. It is also one of Thailand’s largest distributors of lifestyle brands such as Gap, Esprit and Tumi. Any changes to the operations of the assets invo