South Africa Hotel Firm Buys Stake in Iconic Johannesburg Venues

South African hotel group Southern Sun Ltd. will buy a 50% stake in four properties in Johannesburg’s business hub, including the Sandton Convention Centre, from Liberty Group.

Southern Sun will pay 735 million rand ($46 million) in cash for the stake in the conference venue, the Sandton Towers hotel, the Garden Court Sandton City hotel and the Virgin Active Sandton gymnasium building, it said in a statement on Tuesday. It will finance the acquisition from available debt facilities.