Quantum Global Fund Acquires Movenpick Hotel from Kingdom Holdings Company
A fund managed by Quantum Global has acquired the Mövenpick Ambassador Hotel Accra from Saudi Arabia-based Kingdom Holding Company (KHC). Specifically, QG Africa Hotel LP, a Mauritius based investment fund managed by Quantum Global Investments Africa Management Ltd., acquired the hotel on December 28, 2016 for a consideration of US$ 100 million. QG Africa Hotel LP is a US$ 500 million investment vehicle targeting opportunities in the emerging market hospitality sector.
The Mövenpick property is located in the central business district of Accra, Ghana and has historical significance. The property lies on 16 acres. Originally, the hotel site was occupied by the Ambassador Hotel, which was gifted to Ghana by the United Kingdom in recognition of the country’s independence in 1957. The Ambassador Hotel closed in the early 1980s. Kingdom Hotel Investments, through a subsidiary called KHI Ghana Limited, was able to obtain financing from the International Finance Corporation (IFC) to help fund a new hotel on the site and brand it as a Mövenpick property. KHI Ghana had agreed to a 50-year concession to invest US$ 104 million to rebuild the new property at the time.
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