Completion of the sale is subject to Kenyan and South African regulatory approvals‚ including that of the Competition Authority of Kenya.
Representing its first expansion foray outside SA‚ City Lodge acquired 50% of the two hotels in May 2012 and established a joint venture with the hotels' previous owners to investigate other expansion opportunities in Kenya and elsewhere in East Africa.
The agreement regarding City Lodge's acquisition of the other 50% of the joint venture is effective from end January 2014 .
City Lodge chief executive Clifford Ross said the transaction demonstrates the group's confidence in Kenya and East Africa and provides a strong platform for further growth in the region.
Apart from its investment in Kenya‚ City Lodge also has a Town Lodge in Gaborone‚ Botswana‚ and is examining expansion opportunities in East Africa‚ West Africa and some Southern African Development community countries.
The City Lodge Hotel Group operates 55 hotels offering 6‚755 rooms across four brands in SA‚ Kenya and Botswana.
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