Kasada Hospitality Fund LP (MIGA-14936)

Countries
  • Namibia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Windhoek, Namibia
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
May 22, 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.
Borrower
Condor Kite WDH Ltd
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 18.00 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.
Bank Documents
Corporate Actor Documents
Media Documents
Other Related Projects
Primary Source

Original disclosure @ MIGA website

Updated in EWS Mar 9, 2023

Disclosed by Bank Apr 22, 2022

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 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.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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

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.

Kasada Capital Management:

Mokgadi Maunatlala - Contact person
Email:  mokgadi.maunatlala@kasada.com
Phone: +27 10 541 0923
Address: Rosebank Link 6th Floor, 173 Oxford Road, Johannesburg 2196, South Africa
Website: www.kasada.com

Accor SA:

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
Email: reception@accor_hotels.com
Website: https://group.accor.com/en

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: migainquiry@worldbank.org

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

How it works

How it works