Kasada to Acquire 414-key Safari Hotels & Conference Centre, the Largest Hospitality Complex in Namibia
Main Photo: The Safari Court Hotel, to become a Moevenpick
Date: October 2021
Name: The Safari Hotels & Conference Centre
Location: Windhoek, Namibia
Number of Keys: 414
Seller: Windhoek Safari Hotels, established in 1966. The hotel complex 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 recognisable both within Namibia and the Southern African Development Community (SADC) countries.
Buyer: Kasada Capital Management – 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.
Funds advised by Kasada Capital Management 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 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 1,600 sqm grand ballroom that can hold up to 2,400 delegates.
Kasada will rebrand the hotels utilising 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. In January 2021 they acquired a portfolio of Sub-Saharan African Hotels from AccorInvest, which is a portfolio of eight fully operational hotels across three countries – Ivory Coast, Senegal and Cameroon – comprising 1,602 hotel rooms. They are 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.
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.”
THPT Comment: Interesting move to consolidate Kasada’s profile in Sub-Saharan Africa
First Seen: Kasada press release
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