Quantum Global Africa Investments Africa Management, the private equity investment firm based in Mauritius, has acquired the Mövenpick Ambassador Hotel in Accra from Kingdom Holding Company for a total enterprise value of $100 million. The deal, which closed at the end of December, is the largest open market hotel transaction in sub-Saharan Africa to date.
The transaction was executed through QG Africa Hotel LP, Quantum’s $500 million hospitality fund. Jean-Charles Donnat is the head of the fund, which made its debut investment in March 2016, acquiring the Lusaka InterContinental from Kingdom Holding in a $36 million deal.
Located in Accra’s central business district, the Mövenpick Ambassador Hotel is the largest 5-star property in Ghana, attracting both international travelers and affluent Ghanaians, all key criteria underpinning Quantum Global’s investment decision. The hotel has a strong operational track record of growth, which positions it well to capitalize on the expected expansion in the hospitality market in Africa.
Commenting on the acquisition of the 260-room hotel, Jean-Claude Bastos de Morais, Quantum’s Founder, said “The acquisition of the Movenpick Ambassador Hotel Accra, one of sub-Saharan Africa’s most successful hotels, is a great testament to the strength of our Hotel Fund and its growing portfolio. The hospitality industry across Africa is an indicator of the vitality and attractiveness of key locations across the continent and we look to further take advantage of those opportunities and generate value added returns for our investors.”
Kirkland & Ellis, EY in London and Accra and AB & David in Accra provided advisory services to Quantum Global on the deal.