Kasada has just announced the acquisition of the Cap Grace Hotel in the heart of Cape Town, South Africa.
The Cap Grace Hotel is one of the most iconic properties in the destination. Opened in 1996, the 120-room property is located on the Victoria & Albert Waterfront. A new chapter is opening for this landmark hotel in Africa with this acquisition led by the fund advised by Kasada Capital Management.
The acquisition of the hotel marks Kasada's entry into the South African hotel operator market. It also contributes to Kasada's strategy to expand into all key cities in sub-Saharan Africa.
Kasada has high ambitions with the addition of this property to its portfolio. This will include a refurbishment programme to achieve EDGE green-building certification, while preserving the heritage of the asset.
This acquisition marks our entry into the South African hotel market, the largest in Africa. The Cape Grace is a great addition to our hotel operator portfolio and we look forward to bringing our knowledge and expertise to this iconic asset. Our value creation strategy will be guided by our sustainability values and the highest ESG criteria, for the benefit of our customers, employees and local communities.
Olivier Granet, Managing Partner and CEO of Kasada
We are delighted to have completed this major acquisition in Cape Town. It illustrates our ability to structure and execute transactions in all segments of the hospitality industry across the continent. The acquisition of Cape Grace and the resulting commitment to refurbishment investment demonstrates our confidence in the resilience of the African hotel market and confirms our positioning as a leading investor and provider of hotel operator solutions on the continent.
David Damiba, Managing Partner and Chief Investment Officer of Kasada
