Kasada Capital Management, an independent investment platform dedicated to hospitality in Sub-Sharan Africa, has acquired the iconic 5-star waterfront retreat, Cape Grace Hotel in Cape Town, South Africa.
Located in the Victoria & Alfred Waterfront on the Atlantic shore, Cape Grace Hotel originally opened in 1996 and is titled one of the continent's top luxury hotels. With Kasada's knowledge and expertise, the company will be renovating the newly acquired asset in hopes of obtaining the EDGE green-building certification while maintaining the legacy, quality and essence of the historic property.
This new addition to Kasada's growing hotel portfolio marks its entry into the South African hospitality market and the continued fulfilment of its strategy to spread its footprint in Sub-Saharan Africa.
"We are delighted to have completed this important acquisition in Cape Town. It demonstrates our continued ability to structure and execute transactions across hotel segments and geographies," said David Damiba, Managing Partner and CIO at Kasada. "With the acquisition of the Cape Grace and our subsequent capex commitment, we continue to believe in the resilience of the African hospitality market and confirm our positioning as a leading investor and solution provider in the hospitality sector on the continent."