A Mauritius-based investment fund has acquired the Movenpick Ambassador Hotel Accra from Kingdom Holding Company (KHC).
The transaction, according to a press release by the new owners, Quantum Global Investments Africa Management Ltd, was closed on December 28, 2016.
The transaction marks the most sizable open-market hotel transaction in Sub-Saharan Africa, notes Quantum Global.
“Complementing Quantum Global’s already significant African investment portfolio the value proposition of this transaction is underpinned by its status as one of the largest hotel and mixed-use properties in West Africa occupying an exceptional position in both business and touristic segments of the African hospitality market,” said the release.
Quantum Global’s Group CEO, Jean-Claude Bastos de Morais, remarked that the acquisition of Movenpick Ambassador Hotel in Accra, one of sub-Saharan Africa’s most successful hotels, is a great testament to the strength of the Group’s Hotel Fund and its growing portfolio.
QG Africa Hotel LP is a $500 million investment vehicle which aims to capitalise on the emerging opportunities in the hospitality sector.
The fund is a long-term direct equity investor in hotel projects across sub-Saharan Africa, including greenfield and brownfield operations. The investment activities include construction, conversions, acquisition and renovation of hotel projects across sub-Saharan Africa.
It is managed by Quantum Global Investments Africa Management Ltd.
“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,” he said.
Sitting on a 16 acres (6.5 hectares) site of landscaped gardens in Accra’s Central Business District, Movenpick Ambassador Hotel Accra comprises extensive food and beverage as well as conference facilities making it the largest 5-star conference hotel in Ghana.
The 5-star hotel is also complemented by retail as well as office facilities that form part of a unique environment, valued by tenants as well as hotel guests.
Adrian Leuenberger, Managing Director, Group Head of Asset Management, Quantum Global, said Movenpick Ambassador Hotel Accra has demonstrated outstanding growth through the highly-rated and reliable delivery of world class hospitality facilities to its international and local customers.
“We are delighted with this major acquisition and are looking forward to a very promising future.”