Kasada Capital Management is an independent platform that invests in hospitality in Sub-Saharan Africa.
The development was completed during a handover ceremony that took place on Friday, 24 June.
Graced by Rwanda Development Board, the agreement contained the rebranding and redeveloping duty of the existing Umubano hotel into a 100-key Mövenpick hotel, in accordance 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 CEOof Kasada,Olivier Granet addresses the media in Kigali on June 24, 2022
Claire Akamanzi (Chair Executive Rwanda Development Board) reiterated her confidence that the new investor would take over the hotel.
“Having a presence in more than 30 countries around the world, this gives us hope that you are going to come up with a business that will become a new breath of air in the Rwandan hospitality sector,” Akamanzi told the new investors.
She also praised their financial resources as well as the expertise that they have in running the hospitality establishments.
Kasada has agreed to acquire Umubano Hotel on a $ 40 Million investment deal, through Agaciro Development Fund.
The previous manager of the hotel had a failure in capacity which led to legal obligations that required them to leave.
Olivier Granet (Chair Executive and Managing Partner at Kasada) commented on the investment.
“Rwanda is a fast growing market, especially becoming a meeting destination. If this country can host one of the world’s largest gatherings on the African continent, (CHOGM), this implies the investment was long overdue,” he said.
Granet said Rwanda has 16 hotels and 3,000 rooms in Sub-Saharan Africa.
The handover ceremony will take place in Kigali, Rwanda, on June 24, All photos by Craish Bhizi
The Kasada Hotel’s construction and refurbishments will end in 2025.
It will operate with the support of Qatar Investment Authority, the sovereign fund of Qatar, as well as Accor, a world-leading augmented hospitality group.
Prior to the announcement to sell Umubano hotel by RDB in 2020, the hotel had been acquired by Madhvani Group at a tune of $13 million (about Rwf11 billion) in April 2017 after years of liquidation.
It’s not publicly clear when and why Madhvani Group, a Ugandan-based conglomerate, exited Umubano, but the main issue, even with previous investors, has always been failure to make the requisite investment to expand the hotel.
The hotel has been in hands of several other investors, including the Libyan government-affiliated LAP Investments which operated it under Laico Hotels brand, before the announcement to put it on sale in 2011.
It has been previously managed by global hotel brands like Novotel Meridian and Accord.
View of Umubano Hotel at a handover ceremony in Kigali, Friday, June 24, 2008.
bbyishimo@newtimesrwanda.com
Source: rnewtimes
