Thursday, 12 January 2017

GHANA: QG Africa Hotel LP Buys Movenpick Accra Hotel

Eleven years after it established its presence in the gold coast, Movenpick Ambassador Hotel Accra, has been acquired by QG Africa Hotel LP, a Mauritius based investment fund managed by Quantum Global Investments Africa Management Limited from Kingdom Holding Company (KHC).

The hotel has been on offer in the last two years after KHC completed and sold 18 luxury villas built on the property. The project has been a successful buy build and Offload for KHI.

The transaction, for the acquisition of the hotel was closed on December 28, 2016, and marked the most sizable open-market hotel transaction in Sub-Saharan Africa to date.

Complementing Quantum Global’s already significant African investment portfolio the value proposition of the transaction was 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.

Quantum Global’s Group Chief Executive Officer, Jean-Claude Bastos de Morais 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.”

Also, the Managing Director, Group Head of Asset Management, Quantum Global, Adrian Leuenberger 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.”

Movenpick hotel was the first five star hotel in Accra, Ghana. It is believed that it became immediately successful and made money for its owners.KH is owned by Saudi Prince,Al-Waleedbin Talal