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Cape Grace sold to company backed by Qatar sovereign wealth fund

24 March 2022 - 10:53 By TimesLIVE
The Cape Grace hotel at the V&A Waterfront has been bought by Qatar-backed Kasada Capital Management.
The Cape Grace hotel at the V&A Waterfront has been bought by Qatar-backed Kasada Capital Management.
Image: Kasada Capital Management

One of Cape Town's top five-star hotels, the Cape Grace at the V&A Waterfront, has been sold to a company backed by Qatari oil riches.

Kasada Capital Management, founded in 2018 with the backing of Qatar's sovereign wealth fund, has bought the 120-room hotel from Meikles Limited, which also owns hotels in Harare and Victoria Falls.

Kasada, based in Mauritius, said the purchase — for an undisclosed amount — marked its entry into SA as part of a strategy to have a presence in main sub-Saharan cities.

“Kasada will deploy its expertise in Cape Town with an asset voted one of the top luxury hotels on the continent.”

The company plans to renovate the 26-year-old hotel along green-building principles “while keeping its legacy, unrivalled quality and exceptional service, which have been the essence of this exceptional property”.

Kasada CEO Olivier Granet called the Cape Grace a “great addition” to the company's hotel portfolio. “We look forward to bringing our knowledge and expertise to this iconic asset.”

Chief investment officer David Damiba said: “With the acquisition of the Cape Grace and our subsequent capex commitment, we believe in the resilience of the African hospitality market and confirm our positioning as a leading investor and solution provider in the hospitality sector on the continent.”

Kasada hotels are operated by Accor, a French company that owns, manages and franchises hotels, resorts and holiday properties.

Accor is the largest hospitality company in Europe and the sixth largest worldwide. It  operates in 5,298 locations in 110 countries.

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