Hospitality sector investment specialist Kasada Capital Management has acquired Kigali’s historic Umubano Hotel in partnership with the Government of Rwanda. The deal is being transacted via the Kasada Hospitality Fund, a $500 million vehicle that has backed a number of assets in sub-Saharan Africa. How much the fund is investing in the property has not been disclosed.
The plan is to redevelop and rebrand the property, turning it into a 100-key Mövenpick hotel while retaining its historic, architectural appeal. Once it opens to the public in 2025, it will be positioned as an iconic destination in Kigali offering accommodation, health and spa facilities as well as co-working spaces. The refit will meet the highest international hospitality and ESG standards.
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