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A second major transaction for Kasada which continues to build its Sub-Saharan hospitality portfolio
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Over N$100m (US$8m) of additional investment planned for the hotel renovations and development
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150 local jobs will be created
Funds advised by Kasada Capital Management today announced the acquisition of the 414-key Safari Hotels and Conference Centre in Windhoek, Namibia. This transaction will be made through Kasada Hospitality Fund LP (“Kasada”) and remains subject to approval by the Namibian Competition Commission.
The hotel complex is strategically located within ten minutes of Windhoek’s city center and adjacent to Eros Airport. It consists of the 215-key Safari Court Hotel, the 199-key Safari Hotel and Namibia’s foremost Meetings, Incentives, Conferencing, Exhibitions (MICE) venue, the Safari Court Conference Centre that includes a 1,600m2 grand ballroom that can hold up to 2,400 delegates.
Kasada will rebrand the hotels utilizing the management skills, expertise and marketing resources available from its strategic partnership with Accor and its portfolio of renowned international hotel brands. The Safari Court Hotel will be converted to Mövenpick, and the Safari Hotel will become an ibis Styles. By investing over N$100m (US$8m) in this refurbishment, Kasada will further improve the existing conference facilities, which are a hub for local, regional, and international events in Namibia, creating a go-to destination for both business and leisure guests.
This second acquisition from Kasada further reinforces its position as a leading hospitality platform in Sub-Saharan Africa with a focus on delivering solutions to its local partners across cycles and varying degrees of complexity.
Commenting on the transaction, Olivier Granet, Managing Partner and CEO, Kasada, said:
“This transaction is aligned with Kasada’s strategy of bringing our capital and expertise to the management of existing properties in key locations in Sub-Saharan Africa. We look forward to bringing our international hospitality know-how to Namibia’s leading hotel complexes, heralding a new chapter in its storied history with the incorporation of ESG and international best practices, and the creation of 150 jobs.”
David Damiba, Managing Partner and CIO, Kasada, said:
“This transaction underscores our continued belief in the resilience and long-term prospects of the sector in Namibia and is aligned with the government’s FDI initiatives. It also highlights our ability to structure bespoke liquidity solutions for asset owners in difficult market conditions across all of Sub-Saharan Africa at a much-needed time in this cycle.”
Source: AETOSWire