Kasada Hospitality Fund (Kasada) has announced the acquisition of 1,602-keys Sub-Saharan African hotel portfolio from AccorInvest.
Financial details of the transaction have not been disclosed.
The deal is claimed to be one of the largest cross-border hospitality M&A transactions in Africa.
This transaction will see Kasada acquire eight fully operational hotels across three countries – Ivory Coast, Senegal and Cameroon.
The hotels are focussed on servicing intra-regional business travel in Africa.
While taking control of full ownership and management of the Sub-Saharan African hotel portfolio, Kasada claimed that it will implement new standards with regard to local management teams and environmental footprint.
Kasada managing partner and CEO Olivier Granet said: “This is an outstanding portfolio of hotels covering all market segments and fully aligned with Kasada’s strategy. We look forward to working with the fantastic teams running the portfolio and to help drive the growth of the hospitality sector in this promising region.
“As long-term investors we are committed to implementing new ESG and guest satisfaction standards across our portfolio to ensure the sector sustainably grows to match the expectations of our guests. We believe we can have a positive impact by providing much-needed capital at a critical time.”
The deal includes the Pullman, Novotel, Ibis Plateau and Ibis Marcory hotels in Abidjan, Ivory Coast; the Pullman, Novotel and Ibis hotels in Dakar, Senegal; and the Ibis hotel in Douala, Cameroon.
For the transaction, Lazard Freres, Ashurst, Dentons, Okan and KPMG have advised Kasada, while AccorInvest was advised by Jones Lang LaSalle, De Pardieu Brocas Maffei, Mazars and Ernst & Young.