Project Description
This summary covers equity investments by Kasada Hospitality Fund LP (Kasada) of Mauritius, through Osprey DSS Limited of Mauritius, into Lamantin Beach Hotel S.A. (OpCo) and S.C.I. Ouest-Africa (PropCo) of Senegal. MIGA has been requested to provide political risk insurance coverage for up to EUR 20.4 million against the risks of expropriation, transfer restriction and currency inconvertibility, and war and civil disturbance for a period of up to 15 years.
The project consists of the acquisition and subsequent refurbishment and repositioning of Lamantin Beach Hotel and Blue Bay (the “Hotel”) in Saly, Senegal. The acquisition of the Hotel was completed in September 2022.
This project is part of a Master Contract issued to Kasada in 2021, which covers a portfolio of existing and new hotels in Sub-Saharan Africa. Kasada Hospitality Fund is a private equity fund with a focus on the Sub-Saharan Africa hospitality sector. The fund is owned by the Qatar Investment Authority (Qatar’s sovereign wealth fund) and Accor (the 6th largest hotel management company in the world) as limited partners. Kasada expects to establish a portfolio of more than 20 hotels (estimated 4,000 hotel keys) requiring a total investment (debt and equity) of US$1 billion.
Environmental Categorization
The project is a Category B under MIGA’s Policy on Environmental and Social Sustainability. Click here to view the project’s Environmental and Social Review Summary and Environmental and Social Action Plan.
Development Impact
The project will contribute to direct and indirect job creation with spillover effects across the tourism value supply chain in Senegal. In addition to job creation and retained employment, the project intends to become EDGE certified, thereby demonstrating the benefits of resource use efficiency, such as electricity and water, associated with ‘green’ hotels. Through the expansion and refurbishment, the hotel will contribute towards establishing Saly as an upscale tourism destination. Finally, the hotel will contribute to demand for domestic supplies, as well as government revenues through payment of taxes, and foreign exchange. The project will support the tourism and hospitality sectors in Senegal as the country recovers from the effects of the COVID-19 pandemic.
