Latest news with #Granet
The Star
6 days ago
- Business
- The Star
Kasada targets first North Africa hotel deal
Kasada Capital aims to close a fund for investments in Morocco by the end of the year. — Bloomberg ABU DHABI: Kasada Capital Management, a private equity firm backed by Qatar's US$524bil sovereign wealth fund, expects to strike a hotel deal in Morocco in the first half of 2026, marking its entry into North Africa's booming hospitality and tourism industry. The hospitality-focused firm, whose backers include the Qatar Investment Authority and French hotel group Accor SA, has set up an office in Casablanca to assess opportunities and aims to close a fund for investments in Morocco by the end of the year. The North African Kingdom received 17.4 million tourists last year. That eclipsed Egypt as the most visited country in Africa. The country is expected to draw soccer fans from all over the world when it holds the Africa Cup of Nations tournament in 2025-26, and co-hosts the FIFA World Cup with Spain and Portugal in 2030. 'North Africa is a priority for us,' Olivier Granet, Kasada's managing partner and co-chief executive officer, said in an interview. 'Morocco is, today, the number one tourism destination on the African continent,' Granet said. 'And, for us, to become the leading platform we have to become pan- African.' Kasada has focused on sub-Saharan Africa since closing its first fund of about US$500mil in 2019. Its portfolio of 19 hotels across seven countries in the region include South Africa's iconic Cape Grace as well as upscale Pullman-branded properties in major cities in Kenya, Ivory Coast and Senegal. Africa is a burgeoning market for travel driven by strong economic growth, an expanding middle class, increasing consumer-spending power and growing air connectivity. It was the best-performing tourism region in the world in 2024 after the Middle East, with foreign arrivals 7% above pre-pandemic levels, according to the United Nations tourism agency. Kasada's ambitions for Morocco dovetail with its plans to grow its portfolio across the budget and luxury hotel segments in key cities in sub-Saharan Africa, while balancing the revenue earned from letting out rooms with that from its food and beverage, co-working and events offerings. 'The African continent is, frankly, enormous but the penetration levels are still fairly low,' said David Damiba, Kasada's managing partner and co-chief executive officer. 'We think that there's scope to increase the scale of what we've built already by a factor of two to three times fairly easily in these markets while being concentrated to take advantage of our scale in core cities.' — Bloomberg
Morocco World
7 days ago
- Business
- Morocco World
Kasada Seeks 2026 Hotel Deal in Morocco
Rabat – Hospitality investment platform Kasada is eyeing a hotel deal in Morocco, Bloomberg reported today. The company expects to make its entry into North Africa's tourism industry in the first half of 2026. The same source added that the company has already started to take action, opening of an office in Casablanca to explore opportunities present in Morocco. Kasada's managing partner and co-Chief Executive Officer, Olivier Granet, acknowledged the group's priority is North Africa, especially Morocco, which is now the number one tourism destination on the African continent. 'For us to be the leading platform, we have to become pan African,' Granet told Bloomberg. Morocco has been breaking records on the continent, with millions of arrivals secured in all seasons. Morocco welcomed 17.4 million tourists, with arrivals representing a 20% increase compared to 2023. The data is unprecedented in Morocco and has exceeded the target set by the country for 2026. The number of arrivals also made Morocco the most-visited country in all of Africa. 'Over the five years, Morocco has averaged USD 3.5 billion in FDI annually across all sectors,' UN Tourism said recently, noting that $2.2 billion was allocated to the sector between 2014 and 2023. Reports also stressed how Morocco is outpacing Egypt to become a regional leader in the industry. Bloomberg joined the chorus emphasizing Morocco's tourism appeal, recalling the country's assets, alongside the upcoming international competition it is hosting, like the AFCON in 2025 and the FIFA World Cup 2030. David Damiba, Kasada's managing partner and co-chief executive officer, echoed Granet's remarks, stressing how Africa presents enormous opportunities. 'We think that there's scope to increase the scale of what we've built already by a factor of two to three times fairly easily in these markets while being concentrated to take advantage of our scale in core cities,' he said. Beyond its interest in Morocco, Kasada is ambitious to grow its business and presence across luxury hospitality in different areas in sub-Saharan Africa, Bloomberg added. Tags: 2019 tourismAfrican tourists
