As previously announced, Tsogo Sun Holdings Limited (Tsogo) will acquire a majority stake in Hospitality Property Fund Limited (Hospitality). The transaction became effective on September 1, 2016. Tsogo has nominated a new Chief Executive Officer (CEO) and Financial Director (FD) for the Company and the Board has approved these nominations.

Inline with the Change of Control clause contained in the CEO's contract of employment, Vincent Joyner's termination as CEO and a member of the board of Hospitality (Board) is announced with effect from December 31, 2016. Keith Randall has been appointed to the position of CEO at Hospitality with effect from January 1, 2017. Keith has been with the Tsogo Group for over 20 years.

He is currently the Managing Director of Sun 1 Hotels Proprietary Limited. The Board also appointed Mara de Lima as Financial Director, effective September 30, 2016. Mara holds a CA(SA) and has been the Group Financial Manager of Tsogo Sun Hotels since 2009.

Riaan Erasmus who has been the Acting Financial Director of Hospitality will continue in the role of Senior Group Financial & Treasury Manager. Hospitality welcomes Keith and Mara to the Board.