Kasada Hospitality Fund secures investment for Nairobi hotel

The International Finance Corporation (IFC), Proparco, and the Multilateral Investment Guarantee Agency (MIGA) have announced an investment of $49.5 million in the Kasada Hospitality Fund. This financial injection is set to breathe new life into Nairobi’s hospitality sector through the renovation of a 206-room hotel in the city’s Upper Hill business district.

The hotel, previously known as the Crowne Plaza, will undergo a complete refurbishment, transforming it into a dual-branded Pullman and Mercure establishment. The funding breakdown includes $11 million loans from both IFC and Proparco, and a $27.5 million guarantee from MIGA.

”We look forward to bringing our multi-disciplinary expertise in creating value and impact with this hotel and aim to reposition it to attract more international travellers as well as the place to be for the local community. This asset is about to enter a new life cycle and contribute to the revitalisation of the Kenyan hospitality sector post the Covid-19 pandemic,” said Olivier Granet, Kasada’s managing partner and CEO, and David Damiba, Kasada’s managing partner and chief investment officer.

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