Kasada Capital Management has made entry into the South African hospitality market with the purchase of Cape Grace hotel in Cape Town.
Financial details of the transaction have not been disclosed by the company.
Located in the Cape Town’s Victoria and Albert Waterfront district, Cape Grace hotel was originally opened in 1996.
Kasada managing partner and CEO Olivier Granet said: “This acquisition marks our entry into the South African hospitality market, the largest in Africa.
“The Cape Grace is a great addition to our existing hotel portfolio, and we look forward to bringing our knowledge and expertise to this iconic asset.
“Our value creation strategy will be driven by our sustainability values and highest ESG standards for the benefit of our guests, employees and local communities.”
The acquisition also fulfils the company’s strategy to increase its presence across major Sub-Saharan African cities.
Following the acquisition, Kasada will renovate the hotel using cost-effective strategies with an aim to secure the EDGE green-building certification.
Kasada CIO and managing partner David Damiba said: “We are delighted to have completed this important acquisition in Cape Town. It demonstrates our continued ability to structure and execute transactions across hotel segments and geographies.
“With the acquisition of the Cape Grace and our subsequent capex commitment, we continue to believe in the resilience of the African hospitality market and confirm our positioning as a leading investor and solution provider in the hospitality sector on the continent.”
In May last year, Kasada acquired the 414-key Safari Hotels and Conference Centre in Namibia, South Africa.