The Lusaka Intercontinental Hotel in Zambia has been fully acquired (100%) by QG Africa Hotel LP, reports from the Mauritius capital, where the group is based, said.
The five-star hotel has 244 rooms, and the deal is worth US$35.9 million. Considered a city landmark, the Intercontinental Hotel Lusaka is situated at a prime location in Zambia’s capital, and benefits from a strong image among international travellers, offering significant repositioning and expansion potential.
Port-Louis-headquartered QG Africa Hotel LP is a US$500 million investment and a subsidiary of QG Investments Africa Management Ltd, itself owned by Quantum Global group.
Quantum Global founder Jean-Claude Bastos de Morais said: “I’m very pleased with this first acquisition of QG Africa Hotel LP. It underlines our commitment and investment strategy for the hotel sector in sub-Saharan Africa.
“The Intercontinental Lusaka is strongly established locally and will benefit from the planned refurbishment that will expand and reposition the asset, thereby generating value added returns for our investors.”
Analysts say Africa’s strong economic growth has been attracting an increasing number of international business travelers, and therefore boosting cross-regional business travelling.
QG Africa Hotel LP said this week that it was aiming to capitalise on the emerging opportunities in the sub-continent’s hospitality sector.
As a long-term direct equity investor in hotel projects across sub-Saharan Africa, the investment structure targets real estate and real estate-related investments in midscale to upscale business hotels, the company said.