Kasada Capital Management acquires the Umubano Hotel | The new times

Kasada Capital Management, an independent investment platform within the Kasada group, dedicated to the hotel industry in Sub-Saharan Africa has acquired the former Umubano hotel.

The development was carried out during a handover ceremony held on Friday, June 24.

Through the Rwanda Development Board, the deal provided for the rebranding and redevelopment of the existing Umubano Hotel into a 100-key Mövenpick hotel, in line with international standards.

The Mövenpick hotel brand is represented in more than 30 countries in Asia, Europe, Africa and the Middle East.

Managing Partner and CEO of Kasada, Olivier Granet addresses the media in Kigali on June 24, 2022

Claire Akamanzi, managing director of the Rwanda Development Board, reiterated her confidence in the new investor taking over the hotel.

“Having a presence in more than 30 countries around the world, it gives us hope that you will create a business that will become a new breath of fresh air in the Rwandan hospitality sector,” Akamanzi told new investors. .

She also commended the financial resources and expertise to manage the hospitality establishments they possess.

Kasada acquires Hotel Umubano under a $40 million investment agreement, with the Government of Rwanda through the Agaciro Development Fund.

The former hotel manager had failed in terms of capacity, which resulted in legal obligations that required them to step aside.

Commenting on the investment, Olivier Granet, the managing director and managing partner of Kasada, expressed his interest in investing in Rwanda.

“Rwanda is a rapidly growing market, especially becoming a dating destination. If this country can host one of the largest gatherings in the world on the African continent (CHOGM), it implies that the investment was long overdue,” he said.

With 16 hotels and 3,000 rooms in sub-Saharan Africa, Rwanda is a good choice to start a business, Granet added.

The handover ceremony takes place in Kigali on June 24. All photos by Craish Bahizi

The Kasada Hotel, whose construction and renovations should be completed in 2025, will be called Movenpick Hotel.

It will operate with the support of Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, and Accor, a world leader in augmented hospitality.

Prior to the announcement of the sale of Umubano Hotel by RDB in 2020, the hotel had been acquired by Madhvani Group for $13 million (about Rwf 11 billion) in April 2017 after years of liquidation .

It is not publicly known when and why Madhvani Group, a Uganda-based conglomerate, left Umubano, but the main problem, even with previous investors, has always been not making the investment required to expand the hotel.

The hotel was in the hands of several other investors, including Libyan government-affiliated LAP Investments, which operated it under the Laico Hotels brand, before it was announced for sale in 2011.

It was also previously managed by global hotel brands such as Novotel, Meridian and Accord.

A view of the Umubano Hotel during a handover ceremony held in Kigali on Friday, June 24.

[email protected]

Follow bertrandbyishim

Comments are closed.