March 28, 2021.
This is one of the largest cross-border M&A deals in the African hospitality industry. Kasada, specialist in hotel investment on the continent, has bought a portfolio of 8 hotels in the Ivory Coast, Senegal and Cameroon.
The aim is to help revive and grow a promising sector for the regional economy.
Advised by Kasada Capital Management, an investment platform dedicated to the hotel industry in sub-Saharan Africa, Kasada Hospitality Fund has just acquired from Accor Senegal and Cameroon.
The hotel sector which has been most affected by the crisis caused by the Covid-19 pandemic is trying to be reborn. While international travel is still limited due to restrictive measures, Kasada, through these new investments intends rather to position itself in favor of intra-regional travel.
“Despite the exceptionally difficult global macroeconomic conditions, Kasada is keen to invest and support the African hotel sector as it begins to adapt to new market expectations,” said David Damiba, Managing Partner and CIO of Kasada.
In the Ivory Coast, where Kasada retaliated against the Pullman, the Novotel, the Ibis Plateau and the Ibis Marcory, tourism accounts for 6.5% of the GDP.
Long remained the poor relation of hotel investment on the continent, French-speaking Africa therefore tends to arouse more investor interest, probably thanks to the various mobilizations initiated with the arrival of the pandemic, in particular with the forums bringing together the sector in French-speaking capitals and the appeals of these countries to the financial world.
(The Africa Tribune).