Top 7 investors of City Lodge Hotels

South Africa’s mid-market hospitality leader, City Lodge Hotels, has emerged from the pandemic leaner and strategically repositioned, drawing sustained backing from both founding insiders and deep-pocketed institutional investors. 

The group with a valuation of R2.62 billion ($163.38 million) generated nearly R2 billion ($124.72 million) in revenue in 2025 as trading conditions improved across its Courtyard Hotel, City Lodge, and Town Lodge brands, supported by disciplined cost controls, refurbishments, and increased adoption of solar energy across select properties.

Its shareholder register reflects this renewed confidence. Institutions collectively control 55.9% of the company, underlining the strong influence of asset managers and pension funds in shaping strategic direction. 

The general public holds 22.9%, while private companies account for 12.3% and hedge funds 6.18%.

Share buybacks totaling 42.7 million shares have enhanced earnings per share and strengthened long-term value creation, attracting patient capital from South Africa’s largest fund managers. 

At the center of the register remains the founding Enderle family, whose continued presence signals alignment between management and shareholders.

Together, these top seven investors chronicled by Shore Africa play a pivotal role in City Lodge’s capital allocation, recovery strategy, and long-term expansion across Southern Africa.

1. Hans Enderle Family
Stake holding: 9.21%
Worth: R256.57 million ($16 million)
The family of Swiss-born founder Hans Enderle, via Enderle SA, remains the single largest shareholder with a 9.21% shares in the hotel group, which is equivalent to 54,358,553 ordinary shares. Their long-term position underscores enduring confidence in the group established in 1985. As legacy custodians, the family’s influence reflects strategic continuity, disciplined capital management, and alignment with minority shareholders as City Lodge strengthens post-pandemic profitability. 

2. Entertainment Holdings (Tsogo Sun Gaming)
Stake holding: 8.47%
Worth: R236.01 million ($14.72 million)
Entertainment Holdings holds 8.47% stake in City Lodge Hotels, equivalent to 50,001,729 shares of City Lodge, positioning it among the company’s most influential institutional backers. This investment is linked to Tsogo Sun Gaming, which acquired shares through subsidiaries to re-enter the hotel market. With over 50 million shares, the investor plays a critical role in governance and strategic voting decisions, reinforcing institutional dominance within the register and signaling confidence in the group’s operational recovery and earnings resilience.

3. Allan Gray
Stake holding: 8.32%
Worth: R231.9 million ($14.46 million)
Allan Gray, one of South Africa’s largest asset managers, holds 8.32% stake, equivalent to 49,130,524 ordinary shares of City Lodge. Its sizeable exposure reflects conviction in the group’s turnaround trajectory, particularly following share buybacks and balance sheet strengthening. The firm’s long-term value philosophy aligns with City Lodge’s focus on sustainable cash flow generation and disciplined expansion.

4. H4 Collective Investments
Stake holding: 5.53%
Worth: R154.01 million ($9.6 million)
H4 Collective Investments, part of the Citadel Group, holds owns 5.53% which is equivalent to 32,630,140 ordinary shares of the hotel operator. The stake highlights continued interest from alternative investment managers seeking recovery-driven upside in hospitality. Its position reinforces institutional depth within the shareholder base and provides additional capital stability.

5. Peresec
Stake holding: 4.01%
Worth: R111.77 million ($6.97 million)
Peresec, formerly Legae Peresec and backed by a management and B-BBEE consortium, owns 4.01%, which is equivalent to 23,680,863 ordinary shares. Its presence reflects transformation-aligned institutional participation in the group. The holding signals confidence in earnings normalization and positions Peresec among influential mid-tier shareholders benefiting from City Lodge’s improving margins.

6. Government Employees Pension Fund
Stake holding: 3.39%
Worth: R94.56 million ($5.9 million)
Africa’s largest pension fund, with over $120 billion in assets, holds 3.39% stake, equivalent to 20,034,556 ordinary shares of City Lodge. The fund’s long-term investment horizon supports capital stability and reinforces institutional dominance. Its participation underscores confidence in the hospitality group’s recovery, governance structure, and dividend restoration potential.

7. Tsogo Sun Investments
Stake holding: 3.05%
Worth: R84.93 million ($5.3 million)
Tsogo Sun Investments owns 3.05% equivalent to 17,993,661 ordinary shares, adding a strategic hospitality-linked shareholder to the register. Its exposure provides industry insight within the investor base and strengthens institutional representation. The holding reflects belief in sustained occupancy growth, operational efficiencies, and long-term value creation across Southern Africa.