Wednesday, 13 April 2016

QG Africa Hotel LP acquires InterContinental Hotel in Lusaka

QG Africa Hotel LP acquires InterContinental Hotel in Lusaka
Private equity fund capitalizes on emerging opportunities in hospitality in sub-Saharan Africa   QG Africa Hotel LP, a Mauritius-based fund managed by QG Investments Africa Management Ltd, a company of the Quantum Global group (www.QuantumGlobalGroup.com), has acquired 100% interest in the InterContinental Hotel Lusaka from Kingdom Hotel Investments for a gross consideration of USD 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.     Commenting on the acquisition, Jean-Claude Bastos de Morais, Founder of Quantum Global said “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.”     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.

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