Inter-Continental Hotel Lusaka Sold For US$35.9 million.
The hotel was bought by QG from Kingdom Hotel Investments. According to a statement posted on the group’s website, QG Africa Hotel LP, a Mauritius-based company, sealed the transaction on March 31, 2016.
The InterContinental Hotel is situated at a prime location in Lusaka.The hotel has 244 rooms and has a large share of international travellers visiting the country.
Commenting on the acquisition, Quantum Global founder Jean-Claude Bastos de Morais said “I am very pleased with this first acquisition of QG Africa Hotel LP. It underlines our commitment and investment strategy for the hotel sector in sub-Saharan Africa.
“The Inter-Continental Hotel Lusaka is strongly established locally and will benefit from the planned refurbishment that will expand and reposition the asset, thereby generating value added returns for our investors.”
The statement says strong economic growth supported by a more transparent and relatively stable political climate has been attracting an increasing number of international business travellers to Africa, while also boosting cross-regional business traveling.These trends are driving up steady demand for increased and better business hotel accommodation across sub-Saharan Africa.
QG Africa Hotel LP is a US$ 500 million investment vehicle, which aims to capitalise on the emerging opportunities in the hospitality sector.
“As a long-term direct equity investor in hotel projects across sub-Saharan Africa, the investment structure targets real estate and real estate-related investments in midscale to upscale business hotels,” the statement reads.
The investment structure seeks investment opportunities in established growth markets, with a particular emphasis on prime locations within the continent’s major cities and airports.