| Project Detail |
the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group issued a guarantee totaling €17.5 million to?Flamingo Kite ABJ Limited, a subsidiary of Kasada Hospitality Fund LP (Kasada) of Mauritius, for its equity investment into the greenfield development and operation of a midscale dual branded hotel complex in Abidjan, Côte d’Ivoire (an IDA country), against the risks of Expropriation, Transfer Restriction and War and Civil Disturbance for a period of up to 15 years.
Kasada’s investment consists of the greenfield development and operation of the Cosmos hotel complex which will include a 100-key Ibis Styles hotel and a 70-key Adagio extended stay combination hotel, a 400-person conference and events venue and a 300-square meter co-working space, located in Angré Djibi Nord, in the district of Cocody in Abidjan. The hotel complex will be located adjacent to a new mixed-use retail shopping center and office development built which is expected to create positive synergies for the hotel guests.
This MIGA guarantee is the 16th guarantee executed under the master contract signed with Kasada in June 2021, now covering 13 hotels in Sub Saharan Africa, including 5 hotels in Côte d’Ivoire.
Kasada is a private equity fund dedicated to investing in the Sub-Saharan Africa hospitality sector. The fund is owned by the Qatar Investment Authority, Qatar’s sovereign wealth fund, and Accor, a French multinational company and the sixth largest hotel management company in the world, as limited partners. Kasada expects to establish a portfolio of more than 20 hotels (about 4,000 hotel keys) requiring a total investment of US$1 billion. |
