Hotel Properties's 70% owned subsidiary, HPL Properties (Indian Ocean) Pte Ltd (HPLIO), has inked an agreement to buy into Westcliff Holdings Ltd. HPLIO will acquire 50 per cent of Westcliff's total issued share capital for US$5,000, and an assignment of a proportionate share of shareholders' loans for US$13.1mil. Westcliff is in the process of purchasing all the equity interest in a company that owns the land and buildings constituting Westcliff Hotel in Johannesburg, South Africa.

Source: The Business Times