Southern Sun Ikoyi Hotels Become Mövenpick After Kasada Albatross Holdings Acquisition

Kasada Albatross Holdings have completed their acquisition of Southern Sun Ikoyi Hotels from  Tsogo Sun. This move follows the announcement of the Sale of Shares Agreement between Southern Sun Africa (SSA) and Kasada Albatross Holding. The South African Group were majority shareholders of the hotel group with 75.55%, while the Nigerian group held minority shares of 24.45%. 

In a deal worth $30.4 million, Kasada acquired $29.1 million in shares with another $1.3 million in shareholder claim loans. Following the acquisition, which was completed in December, 2022, the hotels are operating under the Accor Group of Hotels as Mövenpick. This change will be effected on the range of Southern Sun Hotels located across Africa and the Middle East.

Kasada Albatross Holdings is a Mauritius-based subsidiary of Kasada Hospitality Fund LP. This acquisition is in line with Kasada’s aim to expand their hotel and hospitality portfolio throughout Africa. An aim that drove the recent fundraising of up to US$270 million in guarantees through the World Bank’s Multilateral Investment Guarantee Agency (MIGA). Southern Sun Ikoyi, now Movenpick, will join Kasada’s diverse portfolio of hotel and hospitality assets including 

• Ibis hotels in Cameroon, Senegal, and Ivory Coast,
• Novotel Hotels, Suites, and Resorts in Ivory Coast and Senegal
• Pullman Hotels and Resorts in Ivory Coast and Senegal
• Mercure Hotel (formerly Crowne Plaza) in Kenya
• Safari Court Hotel and Conference Center in Namibia
• Cape Grace Hotel in South Africa
• Lamantin Beach Resort and Spa in South Africa

This acquisition is one of several big money moves that has occurred within the hospitality industry in the past year. Previously, we announced IHG’s partnership with Msafiri to boost its hotel portfolio across African markets and MAREF’s construction of Sommerset, Rosslyn. Signs that point towards a healthy and fruitful hospitality sector within Africa.

We love your feedback! Let us know what you think about Kasada’s Acquisition of Southern Sun Ikoyi Hotels by sending an email to [email protected]. 

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