QG Africa Hotel LP, a Mauritius-based investment fund managed by Quantum Global Investments Africa Management, has acquired the Mövenpick Ambassador Hotel Accra from Kingdom Holding Company. The transaction, which closed at the end of December, is reportedly the biggest open-market hotel transaction in Sub-Saharan Africa to date, although the price was not disclosed. Likewise, the hotel is one of the largest hotel and mixed-use properties in West Africa, and the largest luxury conference hotel in Ghana.
“The acquisition of the Mövenpick Ambassador Hotel Accra, one of sub-Saharan Africa's most successful hotels, is a great testament to the strength of our Hotel Fund and its growing portfolio,” Quantum Global’s Group CEO Jean-Claude Bastos de Morais, said in a statement. “The hospitality industry across Africa is an indicator of the vitality and attractiveness of key locations across the continent and we look to further take advantage of those opportunities and generate value-added returns for our investors.”
“Mövenpick Ambassador Hotel Accra has demonstrated outstanding growth,” Adrian Leuenberger, MD and group head of asset management, Quantum Global, added. “We are delighted with this major acquisition and are looking forward to a very promising future.”