Actis, the leading growth markets investor, is acquiring the East African hotel operations of JSE-listed City Lodge Hotel Group in an all-cash deal. The acquisitions are being made via two entities owned by Actis’s Africa Real Estate Fund III which is paying R142 million (or about $9.5 million) for the four properties which are located in Kenya and Tanzania. City Lodge plans to use the proceeds to pay down debt.
Three of the four properties are located in Kenya’s capital city, Nairobi. They include the Fairview Hotel, a 127-room property, and the 84-room Town Lodge Upper Hill, both of which are close to the city’s Central Business District, as well as the 171-room City Lodge Hotel at the Two Rivers Mall. The fourth hotel, the 148-room City Lodge Hotel, is based in Dar es Salaam.
To read this article, you must be a paid subscription member. (Current members login here
Reserve your digital subscription today
Join now for $35 per month
Join now for $395 per year
for access to:
- Weekly newsletter with original and curated news, analysis and perspective
- Africa’s private capital deals, fund raises and the investment firms and executives involved
- Portfolio company news that impacts value and stakeholder participation
- Job moves and partnerships between leading market participants
- Exclusive access to Africa Capital Digest’s full content archive
If you’d like more information on exceptional value group subscriptions for your colleagues and teams, please contact Teresa Hall at thall[at]africacapitaldigest.com today.