QG Africa Hotel LP acquires InterContinental Hotel in Zambia

0

QG Africa Hotel LP, a Mauritius-based fund managed by QG Investments Africa Management Ltd, a company of the Quantum Global group, has acquired 100% interest in the InterContinental Hotel Lusaka from Kingdom Hotel Investments for a gross consideration of $35.9 million.

The transaction closed on 31 March 2016.

Considered a city landmark, the InterContinental Hotel Lusaka is situated at a prime location in Zambia’s capital. The 244-room hotel benefits from a strong image amongst international travellers, and offers significant repositioning and expansion potential.

“I’m 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 InterContinental 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,” says Jean-Claude Bastos de Morais, Quantum Global Founder.

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 USD 500 million investment vehicle, which aims to capitalize 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.

These are built to high quality international standards, with modern construction and design, and aim to respond to the growing need for hotel accommodation in sub-Saharan Africa.

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.

Share.

About Author

Thabo Mphahlele is the BizNis Africa Head of Sales and Marketing. Mphahlele was previously MultiChoice Production Support Analyst responsible for developing and monitoring applications. In addition, Mphahlele develops and automates batch scripts and is responsible for the daily infrastructure maintenance at MultiChoice. As a Production Support Analyst, he is responsible for incident analysis solving , developing and constructing business reports for SQL and Oracle and implement change controls for the business. Additional responsibility includes monitoring system performance via SOA, Kibaba (Elasticsearch), H.P BSM, HP Sitescope. Mphahlele is responsible for creating infrastructure performance reports through HP Ops Analytics, monitoring payments via Splunk and in-house built-in tool and disaster recovery simulation and testing. At Nashua Mobile, he was responsible for application development and enhancing the web sites At South West Gauteng College, he was the IT Technician and Network Administrator. During his tenure at Double Digit Media, he was he focused on application and web site development for new and existing clients Mphahlele contributes as a Content Manager for BizNis Africa.

Leave A Reply