Accor and Qatar-Backed Kasada Launches $17M Hotel in Abidjan
TLDR
- Kasada Cap has opened a new $17 million hotel in Abidjan as it deepens its presence in West Africa’s tourism sector
- The 170-room property in the Angré district also includes coworking spaces and a venue for conferences and exhibitions
- It is Kasada’s fifth project in Côte d’Ivoire and financed via a facility from the Africa Go Green fund, managed by Cygnum Capital
Kasada Capital Management, the hospitality investment vehicle supported by Accor and Qatar Investment Authority, has opened a new $17 million hotel in Abidjan as it deepens its presence in West Africa’s tourism sector.
The 170-room property in the Angré district also includes coworking spaces and a venue for conferences and exhibitions. It is Kasada’s fifth project in Côte d’Ivoire and financed via a facility from the Africa Go Green fund, managed by Cygnum Capital.
Founded in 2018, Kasada has raised more than $500 million and built a portfolio spanning about 20 projects across eight African countries, including South Africa, Nigeria, and Rwanda. Its assets include brands such as Mövenpick, Pullman, Wojo, and Ibis. Kasada aims to deploy $1 billion across sub-Saharan Africa.
The expansion highlights the role of Gulf investors in African tourism, with Saudi Arabia’s Public Investment Fund, Abu Dhabi’s Mubadala, and the Qatar sovereign wealth fund all scaling hotel investments on the continent.
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Key Takeaways
Kasada’s Abidjan project reflects a wider Gulf-led push into African hospitality, with sovereign wealth funds using intermediaries and partnerships to mitigate geopolitical risk while tapping a market poised for growth. Africa accounts for less than 5% of global tourism receipts despite rapid urbanization, rising middle-class consumption, and upcoming events such as Morocco’s hosting of the 2025 Africa Cup of Nations and the 2030 FIFA World Cup. Investors from Qatar, Saudi Arabia, and the UAE are targeting mid-market and luxury segments, often via indirect vehicles, co-financing with local players, and focusing on capital cities and stable destinations. The strategy combines upgrading existing assets with building new hotels, boosting room capacity in markets where demand outpaces supply. If projects like Kasada’s succeed, they could reshape Africa’s tourism infrastructure, linking Gulf capital with African urban growth. The question remains whether investment momentum can withstand political and economic shocks in key host countries.
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