| Project Detail |
This summary covers equity and shareholder loan investments, by Kasada Hospitality Fund LP (Kasada) of Mauritius, through Flamingo Kite ABJ Limited of Mauritius, into 3A HOTEL DEV SARL, incorporated in Côte d’Ivoire. MIGA has been requested to provide political risk insurance coverage for up to US$26.5 million against the risks of expropriation, transfer restriction and currency inconvertibility, and war and civil disturbance for a period of up to 15 years.
The project consists of the greenfield development of a 100-keys Ibis Styles hotel and a 70-keys Adagio extended stay hotel on an 8,251 square meters (sqm) parcel of land in Angré, in the Cocody district of Abidjan, Côte dIvoire. The hotel complex is also envisaged to include conferencing and events venue and co-working space and will be located adjacent to a new mixed-use retail shopping center.
This project is part of a Master Contract issued to Kasada in 2021, which covers a portfolio of existing and new hotels in Sub-Saharan Africa. Kasada Hospitality Fund is a private equity fund with a focus on the Sub-Saharan Africa hospitality sector. The fund is owned by the Qatar Investment Authority (Qatar’s sovereign wealth fund) and Accor (the 6th largest hotel management company in the world) as limited partners. Kasada expects to establish a portfolio of more than 20 hotels (estimated 4,000 hotel keys) requiring a total investment (debt and equity) of US$1 billion. |
