The landmark deal is one of the largest cross-border hospitality mergers and acquisition transactions in Africa and will see Kasada take control of eight fully operational hotels across three countries – Ivory Coast, Senegal, and Cameroon – comprising 1,602 hotel rooms focussed on servicing intra-regional business travel in Africa.
In taking on full ownership and management of the portfolio, Kasada, a game-changer for hospitality in Africa, has committed to implementing new standards in terms of local management teams and environmental footprint while ensuring guest satisfaction levels continue to develop.
The transaction was executed during one of the most challenging periods for the African hospitality sector and reflects Kasada’s continued commitment to the region and belief in the prospects for its post-Covid-19 recovery.
The three countries’ economies have been growing at a steady pace, a trend that is expected to continue in the medium term.
“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”Olivier Granet – Managing Partner and CEO, Kasada
“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. As long-term investors we are committed to implementing new ESG and guest satisfaction standards across our portfolio to ensure the sector sustainably grows to match the expectations of our guests. We believe we can have a positive impact by providing much-needed capital at a critical time,” Olivier Granet, Managing Partner and CEO, Kasada said.
David Damiba, Managing Partner and CIO, Kasada, said, “Despite the challenging global macro-economic conditions, Kasada intends to invest and support the African hospitality sector as it begins to adapt to a new market. The Kasada team’s deep-rooted regional and sector expertise meant we were well placed to execute this complex transaction, one which spans multiple jurisdictions across West Africa.”
The transaction relates to the Pullman, Novotel, Ibis Plateau, and Ibis Marcory hotels in Abidjan, Ivory Coast, the Pullman, Novotel and Ibis hotels in Dakar, Senegal and the Ibis hotel in Douala, Cameroon.