The Mercury

Crowne Plaza Hotel bought in UK

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Redefine Properties Internatio­nal (RPI) had bought the Caversham Hotel in Reading, known as the Crowne Plaza Hotel, and the leasehold on which the hotel was situated for £12.75 million (R141.3m) from Pedersen UK, it yesterday said. The hotel was acquired by Redefine Hotels Reading (RHR), one of RPI’s subsidiary companies. The purchase considerat­ion was settled via a combinatio­n of debt, shares in Redefine Properties Internatio­nal and cash. The deal will complement RHR’s existing hotel portfolio of five high quality hotels. RPI’s stock remained unchanged at R6.35 yesterday. – Roy Cokayne

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