Qatar Investment Authority backs the Kasada Hospitality Fund.
A Nairobi-based Crowne Plaza Hotel has been purchased by a private equity fund that’s backed by Qatar’s sovereign wealth fund, reports confirmed on Tuesday.
The hotel was bought by Kasada Hospitality Fund for some nearly $39 million from business tycoon Nazir Ahmed Akbarali, Business Daily Africa reported.
The Kasada Hospitality fund, backed by the Qatar Investment Authority (QIA), has made various purchases across the African continent in the past two years, including hotels in Rwanda, South Africa, Senegal, Cameroon and Namibia.
“Crowne Plaza was sold but the owners have still not received the payment in full,” an advisor involved in the deal told the Business Daily Africa.
“Plans to sell the hotel have been on the table since 2020. The hotel was struggling with bank debts,” they noted, adding the latest deal has already received regulatory approval.
The move comes as Qatar’s sovereign fund, the fourth largest of its kind worldwide, has been heavily invested in expanding its global portfolio.
Last month, QIA acquired 32 residential assets in Japan for an undisclosed amount, according to property firm Gaw Capital Partners.
“We are delighted to have the opportunity to partner with QIA to create this multi-family portfolio, and will further acquire high-quality residential assets across major cities in Japan,” said Christina Gaw, managing principal and global head of capital markets at Gaw Capital Partners.
Gaw added that her company and the sovereign Qatari wealth fund are planning more acquisitions for other residential assets in major Japanese cities. Most of the assets are located in Tokyo, Osaka, Kyoto, Yokohama, and Sapporo.
The residential buildings have train and metro access, with stations that are within an average walking distance of six minutes.
“We are pleased to have completed this deal in acquiring a large portfolio of residential assets across major cities in Japan. These high-quality residential assets will provide stable and defensive cash flows for our investors,” said Isabella Lo, Managing Director and Head of Japan at Gaw Capital Partners.