A second major transaction for Kasada which continues to build its Sub-Saharan hospitality portfolio
Over N$100m (US$8m) of additional investment planned for the hotel renovations and development
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."
Notes to Editors:
About Kasada Capital Management
Kasada Capital Management is an independent investment platform within the Kasada group, dedicated to hospitality investments in Sub-Saharan Africa. The firm was launched in 2018 with the backing of Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, and Accor, a world leading hospitality group.
Kasada Capital Management’s strategy spans all segments from economy to luxury and targets both greenfield and brownfield projects. The Kasada group’s hotels are operated under the banner of Accor’s wide range of internationally renowned brands. By investing in a region which offers robust growth opportunities, the Kasada group aims to deliver both attractive risk-adjusted returns to investors, and a long-term positive impact on local economies.
In April 2019, the Kasada group held a close on its maiden fund, Kasada Hospitality Fund L.P., with equity commitments of over USD 500 million.
About Windhoek Safari Hotels
Windhoek Safari Hotels was established in 1966. The hospitality venture expanded into two full-service hotels with a total of 414 keys and developed into Namibia’s foremost MICE venue. The hotel has been pivotal in Windhoek’s evolution as a MICE destination and was associated with notable events leading up to Namibia’s independence in 1990.
During its 55-year history, Safari Hotels has become a well-known landmark recognizable both within Namibia, and to those visitors from the Southern African Development Community (SADC) countries and international community at large.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210512005374/en/
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