Norsad Capital exits Protea Hotels Zambia
Private credit investor Norsad Capital has exited its investment in Protea Hotels Zambia.
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Private credit investor Norsad Capital has exited its investment in Protea Hotels Zambia.
Protea Hotels Zambia has grown from a single lodge into a portfolio of 11 hotels. Protea Hotels by Marriott, now part of Marriott International, is a prominent brand in Zambia’s hospitality sector.
Alice Zulu, investment director at Norsad Capital said: “Even amid tough times, we remained optimistic about the sector’s long term prospects, recognising its role in driving economic growth. This investment also had a significant developmental impact, particularly jobs for women, and preserving livelihoods through the Covid-19 crisis, aligning with Norsad’s commitment to promoting sustainable livelihoods.”
“This exit marks the successful completion of our strategic objectives,” said Allan Mutenda, chief risk officer at Norsad Capital. “We are proud of what we have achieved together with Protea Hotels Zambia, and it’s rewarding to see the positive outcomes – both in terms of financial returns and developmental impact. This partnership exemplifies the kind of enduring, impactful relationships we seek to build across Africa.”
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