Kasada Hospitality Fund LP (“Kasada”), yesterday announced its acquisition of a portfolio of Sub-Saharan African Hotels from AccorInvest.
The acquisition is the first transaction made by Kasada Capital Management though the debut hospitality fund and is the largest cross-border M&A deal in Africa.
The transaction will give Kasada control of 1,602 fully operational hotel rooms with facilities spread across three countries- Ivory Coast, Senegal and Cameroon.
In 2019, the Sub-Saharan hospitality investment platform reached a first close on its maiden fund Kasada Hospitality Fund LP with equity commitments of over USD 500 million, with USD 350 million from Katara Hospitality and USD 150 million from Accor.
“The first platform of its kind in Sub-Saharan Africa, Kasada Capital Management intends to bridge the gap between the local hospitality market players and international investors.” says a statement from the company.
The fund which is expected to be a game-changer in Africa’s hotel investment landscape said the acquisition will focus on servicing intra-regional business travel in Africa.
The transaction was executed during one of the most challenging periods for the African hospitality sector and is a reflection of Kasada’s continued commitment to the region and belief in the prospects for its post-Covid-19 recovery
Kasada has committed to implementing new standards in terms of local management teams and environmental footprint while ensuring guest satisfaction levels continue to develop.
AccorInvest is owner and operator of a property portfolio of more than 880 hotels, owned and leased, located across 28 countries in Europe, Latin America and Asia. The sale of the portfolio of hotels in Sub-Saharan Africa to Kasada marks the refocusing of its investment strategy on Europe, positioning Kasada as the market leader in Sub-Saharan Africa.
“This is an outstanding portfolio of hotels covering all market segments and fully aligned with Kasada’s strategy. We look forward to working with the fantastic teams running the portfolio and to help drive the growth of the hospitality sector in this promising region,” said Olivier Granet, Managing Partner and CEO of Kasada.