Mara Delta (formerly Delta Africa)today announced that it has entered into negotiations with New Mauritius Hotels Limited to acquire a 45% interest in an entity owning three hotel assets in Mauritius.
Bronwyn Corbett, Chief Executive of Mara Delta commented:
“This will be our second sale and leaseback transaction in a very lucrative sector. I need to stress that we won’t take any hospitality or operational risk. The hotels are leased and operated by New Mauritius Hotel Limited, the owner of Beachcomber Hotels and Resorts, and Mara Delta will participate in the earnings generated from the long-term, triple net rental streams”.
“The transaction is in line with our diversification strategy and meets our investment criteria of focusing on exceptional counter parties and long-term, hard currency leases.”
Corbett also pointed to New Mauritius Hotels’ sizable balance sheet as a key factor when considering tenant strength.
“New Mauritius Hotels Limited is listed on the Stock Exchange of Mauritius and is included in the SEM-10 Index, which comprises the ten largest and most liquid stocks listed on the exchange. This provides us with significant assurance as far as tenant strength is concerned,” she concluded.