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BPOPF avoids Hilton hurdle

patriot by patriot
January 1, 2021
in News
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BPOPF avoids Hilton hurdle
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Away from the excitement surrounding the opening of the prestigious Hilton Garden Inn in the up market Central Business District (Gaborone) in Q1 2019 , investigations by The Patriot on Sunday has uncovered correspondence showing that the development of the hotel has not been smooth sailing.

The latest addition to the local hospitality industry, Hilton Garden Inn, whose primary shareholders are Botswana Public Officers Pensions Fund (BPOPF) and local investor M3, is located in the heart of capital city’s Central Business District (CBD) at Peelo Place. It caters for both business and leisure guests in upscale, affordable accommodation.

As far back as February 2018, the BPOPF had to respond to a proposal from M3 requesting to retain a portion of the Hilton Development in order to operate a restaurant. The board was grappling with the decision whether to accede to M3 request to retain a portion of the Hilton building equivalent to their equity amount of P26 million, or that BPOPF buy out M3.

Briefing trustees at a board meeting of May 2018, the Finance and Investment Committee, revealed that Messidor Investments-the asset manager of the Hilton development- encountered some practical challenges with the implementation of the first option [allowing M3 to retain a portion] as the design of the development could not accomodate such division. The design of the building, which has been named Peelo Place, could not accomodate such division when taking into consideration issues of access, fire designs, security and services.

The available option seemed to be a buy out. However, Messidor warned that buying out M3 poses a serious reputational threat/ risk to BPOPF in so far as it can be regarded as a deviation from the Fund’s citizen economic empowerment policy stand. Further, an attempt to buy out M3 posed serious legal risk, should the investor (M3) contest the decision leading to a protracted and costly litigation which might jeopardise BPOPF’s contractual relationship with Hilton Worldwide.

Notwithstanding the hurdles, General Manager of Hilton Garden Inn was upbeat about opening a hotel that will focus on ensuring every guest experience is simply on another level, whether guests join for a hotel stay,a quick meal, or a conference meeting. The hotel is committed to realising Hilton Garden Inn’s goal to make each guest’s stay better and brighter.

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  • VACANCIES: BR PropertiesMay 17, 2022
    INTERNSHIP OPPORTUNITY Finance and Administration Closing date: 18th May 2022.
  • BANANA CLUB HOSTS FIRST MAUN EDITIONMay 17, 2022
    The artist-led collective, Banana Emoji Productions in collaboration with the European Union Delegation in Botswana hosted the beloved BANANA CLUB dialogues in Maun on the 14th of May 2022.  The multi-disciplinary creative group is committed to working with artists […]
  • Orange Botswana CEO among Africa’s most inspirational women in leadershipMay 12, 2022
    – Declares House of Rose House of Rose Professional Pte. Ltd (HORP) has announced its 2022 List of Africa’s Most Inspirational Women in Leadership. The list included over 100 inspirational leaders and was curated by House of Rose Professional […]
  • Unions ‘consider’ a Workers PartyMay 12, 2022
    Masisi snubbed trade unions on Workers Day, chose Khawa BOFEPUSU warn Masisi that Khawa could cost him elections Opposition will be top beneficiary of a Workers Party -Analyst BAKANG TIRO editors@thepatriot.co.bw Aggrieved trade union federation, Botswana Federation of Public, […]
  • Munyadzwe breeds, commercialises phane wormMay 12, 2022
    “We have had clients from as far as England, Ethiopia, Nigeria, Ghana and they really like the phane worms. People are talking about snack protein, and we are part of that revolution, food security, healthy sources of protein, going […]
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