Kasada Capital Management, an independent investment platform dedicated to hospitality in Sub-Saharan Africa, has acquired a portfolio of eight hotel properties from AccorInvest in what it describes as one of the largest cross-border hospitality M&A transactions in Africa.
The portfolio includes eight fully operational business hotels in three West African countries (Côte d’Ivoire, Senegal and Cameroon) totalling 1,602 rooms. The properties are all branded by Accor, with a mix of Pullman, Novotel and Ibis properties across the three countries.
Kasada Capital Management was launched in 2018 with the backing of Qatar Investment Authority and Accor, with a strategy spanning all hospitality segments from economy to luxury, and targeting both greenfield and brownfield projects. The transaction makes Kasada the market leading hospitality owner and operator in Sub-Saharan Africa.
The sub-Saharan African hospitality market is complex and fragmented, and financing can be difficult. Current travel restrictions on the continent are adding to the challenges, but longer-term prospects are encouraging. Côte d’Ivoire, Senegal and Cameroon’s economies have been growing at a steady pace, and tourism is an important sector in the region, including growing intra-regional business travel. A number of global hospitality brands are looking to expand on the continent, but Kasada is counting on its team’s deep-rooted regional and sector expertise to cement its position.
The sale of the portfolio by AccorInvest is in line with its strategy of refocusing on European investments.