Queensgate Holdings (Pty) Limited announced on 25 February 2008 the signing of agreements with Mvelaphanda Holdings, which saw the latter acquiring 50% of Queensgate Leisure Holdings in return for a cash injection of R60 000 000, through subscription for ordinary and redeemable preference shares. The deal ultimately sees Mvelaphanda maintain a minimum shareholding of 25% in the listed entity, Queensgate Hotels and Leisure.

The relationship between Queensgate and Mvelaphanda started several years ago when Queensgate sold its interest in Radisson Hotels Worldwide (“RHW”) to Mvelaphanda. RHW is the joint venture with the European Hotel Management Company Rezidor SAS, which holds the master franchise rights for the brands “Radisson” and “Park Inn” in Southern Africa.

Queensgate is an experienced player in the leisure industry and has strong local and global alliances, which are now strengthened even further by the partnership with Mvelaphanda. Significant synergies are expected with Queensgate, taking on future management of leisure projects that Mvelaphanda are contracted into.