Kasada Hospitality Fund LP

pending

 IFC will support Kasada Hospitality Fund LP (Kasada) by providing loan financing for its first phase capital deployment, which targets the establishment of a portfolio of up to 20 hotels (estimated 4,000 hotel keys) requiring a total investment (debt and equity) of approximately US$400 million. Kasada’s own capital deployment and the related IFC loans will be structured as discrete sub-projects, each of which will be progressively reviewed by IFC and will be subject to standardized investment criteria. The first such sub-project is Project Ayaba (Ayaba) and subsequent sub-projects are expected to align with Ayaba in terms of the proposed financial arrangements. Project Ayaba comprises Kasada’s acquisition of 8 existing Accor-managed hotels (run under the Pullman, Novotel and Ibis brands) in Abidjan, Cote d’Ivoire (4 hotels); Dakar, Senegal (3 hotels) and Douala, Cameroon (1 hotel); operating liquidity injections to ensure the functioning of the hotels in the COVID-19 pandemic environment; and capital expenditure to refurbish/improve the properties and to achieve higher operating efficiencies.