According to the Bank’s website, this summary covers equity and shareholder loan investments, by Kasada Hospitality Fund LP (Kasada) of Mauritius, through Condor KGL Limited of Mauritius, into Condor KGL Rwanda Holding Limited and Condor KGL Rwanda Limited, both entities incorporated in Rwanda. MIGA has been requested to provide political risk insurance coverage for up to US$28.3 million against the risks of expropriation, transfer restriction and currency inconvertibility, and war and civil disturbance for a period of up to 15 years.
The project consists of (i) the acquisition and refurbishment of the Umubano Hotel in Kigali, Rwanda (the "Hotel"), and its conversion to a 138-key Movenpick hotel; and (ii) the development of a MICE facility including a Wojo co-working space, a health club and conference and events space (the "Project"). The acquisition of the Hotel was completed in June 2022.
This project is part of a Master Contract issued to Kasada in 2021, which covers a portfolio of existing and new hotels in Sub-Saharan Africa. Kasada Hospitality Fund is a private equity fund with a focus on the Sub-Saharan Africa hospitality sector. The fund is owned by the Qatar Investment Authority (Qatar's sovereign wealth fund) and Accor (the 6th largest hotel management company in the world) as limited partners. Kasada expects to establish a portfolio of more than 20 hotels (estimated 4,000 hotel keys) requiring a total investment (debt and equity) of US$1 billion.
|Private Actor 1
|Private Actor 1 Role
|Private Actor 1 Sector
|Private Actor 2
|Private Actor 2 Role
|Private Actor 2 Sector
|Condor KGL Limited
Local Access of Project Documentation:
Contact Person: Pierre Etienne de Montgrand
Company Name: Kasada Capital Management
Phone: +27 10 541 0906
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