Mauritius based investment fund, Quantum Global Africa Hotel LP, has acquired Movenpick Ambassador Hotel from Kingdom Holding Company.
Quantum Global is an international group of companies active in the areas of private equity investments, investment management as well as macroeconomic research and econometric modelling. Quantum Global’s private equity arm manages a family of funds targeting direct investments in Africa in the sectors of Agriculture, Healthcare, Hotels, Infrastructure, Mining and Timber.
It’s unclear how much the fund acquired the hotel for but the transaction which was closed on 28 December 2016 has been described as the most sizable open-market hotel transaction in Sub-Saharan Africa to date.
The hotel sits on a 16 acres site of landscaped gardens in Accra’s Central Business District comprising extensive food and beverage as well as conference facilities making it the largest 5-star conference hotel in Ghana.
Quantum Global’s Group CEO, Jean-Claude Bastos de Morais, commenting on the acquisition said the hotel is one of sub-Saharan Africa’s most successful hotels, and the hospitality industry across Africa is an indicator of the vitality and attractiveness of key locations across the continent and the group looks to further take advantage of those opportunities and generate value added returns for our investors.”
By: Vivian Kai Lokko/citibusinessnews.com/Ghana