The company was founded in 1984 by Otto Stehlik and six business associates. At that time, the founders held 40% of the stock, the remaining 60% being held by Bankrop, now part of Barclays Africa Group. At the time of its founding, the company had four properties under management; two in Cape Town, one in Johannesburg and one in KwaZulu Natal South Coast. After multiple changes in ownership, the Protea Hotel Group is organized as follows:[7]