Letlole investors approve P235m Cresta deal

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Shareholders in property group, Letlole La Rona (LLR) on Tuesday approved a P235 million transaction to exit the hotel sector through the sale of four iconic properties to the Cresta Marakanelo group.

The hotels are President Hotel, Cresta Lodge, both in Gaborone, Thapama Hotel in Francistown and Cresta Bosele in Selebi-Phikwe.

The deal is classified as a related party transaction as the Botswana Development Corporation holds 66% equity in Letlole and 27% in Cresta.  Cresta is the current tenant of the properties it is taking over under a 10-year lease due to expire on June 30, 2020. The leases are held on a fixed rental structure with an annual compounded escalation, an arrangement that is increasingly uncommon in the hospitality industry.

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