Original disclosure @ MIGA website
Updated in EWS Mar 9, 2023
Disclosed by Bank Apr 22, 2022
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On July 15, 2022, the Multilateral Investment Guarantee Agency, a member of the World Bank Group issued a guarantee totaling US$18 million to Condor Kite WDH Ltd, a subsidiary of Kasada Hospitality Fund LP (Kasada) of Mauritius, for its equity investment into Safari Hotels Limited in Windhoek. The MIGA guarantee will cover the investment against the risks of losses emanating from an event of Expropriation, Transfer Restriction, and/or War and Civil Disturbance for a period of up to 15 years.
Kasada's investment consists of the acquisition of an established Safari hotel complex and conference center located in Windhoek, Namibia, and its subsequent refurbishment and conversion into a dual branded 199-key Ibis Styles and 215-key Movenpick hotels (both Accor Hotel Brands), along with an upgraded Conference Center, the largest in Namibia. The hotel complex is 10 minutes away from the city center, close to commercial districts and adjacent to the regional Eros airport, which has direct flights to some of the major Southern African cities.
As stated by the MIGA, Kasada is an independent investment platform dedicated to investing in the hospitality sector in Sub-Saharan Africa, advised by Kasada Capital Management. Kasada was launched with the backing of Accor, a French multinational company and one of the world's largest hospitality groups, and Qatar Investment Authority, Qatar's sovereign wealth fund. Over the next few years, Kasada intends to build and acquire a significant portfolio of hotels across Sub-Saharan Africa.
Condor Kite WDH Ltd is a subsidiary of Kasada Hospitality Fund LP.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Accor S.A.||Investor||Industry and Trade|
|-||-||-||-||Kasada Capital Management||Parent Company||Industry and Trade|
Kasada Capital Management:
Mokgadi Maunatlala - Contact person
Phone: +27 10 541 0923
Address: Rosebank Link 6th Floor, 173 Oxford Road, Johannesburg 2196, South Africa
Address: 2, rue de la Mare-Neuve, 91021 Evry Cedex, France
Phone: +33 (0)1 61 61 80 80
Fax: +33 (0)1 61 61 79 00
ACCESS TO INFORMATION
You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information
You can also request general information about MIGA and for information on guarantees by emailing: email@example.com
ACCOUNTABILITY MECHANISM OF IFC/MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org