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Kasada Hospitality Fund is an investment fund dedicated to the hotel industry. It was set up in late 2018 under the impetus and with the support of Accor and the Qatar Investment Authority, via an initial commitment of EUR 500m. It aims to meet a market need in Sub-Saharan Africa created by the gap between growing demand for midscale products from Africa’s middle class and the shortage of the corresponding quality supply targeting international standards. Kasada Hospitality Fund ultimately aims to become the leading hotel investment platform, targeting a critical and unprecedented size in Sub-Saharan Africa. It will achieve this by building a diversified portfolio of hotels operated by Accor across the various segments of the hotel industry value chain.
This senior loan arranged by IFC is financing the fund’s first investment in the acquisition of a portfolio of 8 hotels managed by AccorHotels, with a total of 1,602 rooms in Côte d’Ivoire, Senegal and Cameroon. The loan is also financing a refurbishment program.
The hotel sector, a major source of employment, has been hard hit by the health crisis, especially due to travel restrictions. By financing Kasada’s first acquisition, Proparco is affirming its countercyclical role by offering a long-term senior loan, including a grace period taking into account the expected gradual recovery in the industry. This project is expected to support more than 5,000 jobs over the next 5 years, including more than 600 direct jobs in the 8 hotels acquired by Kasada Hospitality Fund and 4,400 jobs in the supply chain. The employees should benefit from training via the “Academy Accor” learning platform.
The project will contribute to SDG 8 (Decent work and economic growth).
This information is given at the time of signature, without prejudice to any developments in the operation/project
