Kasada Hospitality Fund LP (MIGA-14979)

  • Kenya
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 12, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Falcon NBO
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Project Cost (USD)
$ 27.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Other Related Projects
Primary Source

Original disclosure @ MIGA website

Updated in EWS Feb 15, 2023

Disclosed by Bank Jan 17, 2023

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.


On December 5, 2022, the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group issued two guarantees totaling US$27.5 million to Falcon NBO, a subsidiary of Kasada Hospitality Fund LP (Kasada) of Mauritius, for its equity and shareholder loan investments into Golden Jubilee Limited (GJL) in Kenya. The MIGA guarantees will cover Expropriation, Transfer Restriction and War and Civil Disturbance for a period of up to 15 years for the equity investment and 5 years for the shareholder loan.

Golden Jubilee Limited (GJL) operates the Crowne Plaza Nairobi, a well-established hotel complex in Kenya's capital city. Kasada's investments into GJL involve the acquisition, refurbishment, re-branding and re- positioning of the Crowne Plaza into a dual-branded Pullman-Mercure hotel, featuring an upper scale 162-room Pullman hotel, an upper midscale 44-room Mercure hotel and a modern coworking space.

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.


The project is a Category B underMIGA's Policy on Environmental and Social Sustainability.Click hereto view the project's Environmental and Social Review Summary and Environmental and Social Action Plan.


Kasada's investment will allow the hotel to sustain jobs which may have otherwise been terminated due to the COVID-19 impact on the hospitality sector in Kenya. Moreover, Kasada intendsto increase staffing back topre-COVID-19 levels at the hotel. The project is expected to result in positive Environmental and Social effects through energy and water efficiencies, based on Kasada's commitment to pursue IFC EDGE certification. Kasada's investment into energy and water efficiencies should lead to positive demonstration effects on the adoption of sustainability practices. Kasada's investment in the coworking space will contribute to the creation of a business hub through the promotion of business-related infrastructure. Overall, the project will support MIGA's objective of supporting private sector investments, based on the recognition that the private sector is the primary creator of jobs and growth.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.


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: migainquiry@worldbank.org


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

How it works

How it works