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Mauritius-based private equity firm Quantum Global Africa Investments Africa Management has acquired the Mövenpick Ambassador Hotel in Accra from Kingdom Holding Company for $100 million. The deal, which closed at the end of December, is reported to be the largest open market hotel transaction in sub-Saharan Africa to date.
The 260-room Mövenpick Ambassador Hotel is the largest 5-star property in Ghana, attracting both international travellers and affluent Ghanaians. The hotel has a strong operational track record of growth, which positions it well to capitalise on the expected expansion in the hospitality market in Africa.
Jean-Claude Bastos de Morais, Quantum’s Founder, said: ‘The acquisition of the Movenpick Ambassador Hotel Accra, one of sub-Saharan Africa’s most successful hotels, is a great testament to the strength of our Hotel Fund and its growing portfolio. The hospitality industry across Africa is an indicator of the vitality and attractiveness of key locations across the continent and we look to further take advantage of those opportunities and generate value added returns for our investors.’
Source: Africa Capital Digest
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