Abidjan is set to welcome a new standard in eco-conscious hospitality, thanks to a €15 million investment by Kasada Capital Management.
This project, funded by the Africa Go Green (AGG) fund and managed by Cygnum Capital, marks Kasada’s fifth hotel venture in the Ivorian economic capital and introduces the first internationally branded, EDGE-certified hotel in the Angré district.
What’s the Big Deal About Kasada’s New Project?
Kasada, a leading real estate private equity platform focused on hospitality in Sub-Saharan Africa, is transforming the landscape of sustainable tourism with this €15 million investment.
The new hotel, set to be operated by Accor, will feature 170 rooms, co-working spaces under the Wojo brand, and a dedicated Meetings, Incentives, Conferences, and Exhibitions (MICE) venue.
Located in the vibrant Angré district, this project is designed to attract regional business travellers, including Small and Medium Enterprises (SMEs), while setting a new standard for green hospitality.
Key Highlights of the Project
- Funding: A €15 million loan from the Africa Go Green fund, equivalent to $17.4 million.
- Location: Angré district, Abidjan, Côte d’Ivoire, a vibrant area set to become a hospitality hub.
- Sustainability: The hotel aims for EDGE certification, focusing on energy efficiency, water conservation, and low-carbon materials.
- Features: 170 rooms, Wojo co-working spaces, and a MICE venue for business events.
- Operator: Accor, a global leader in hospitality, ensuring high-quality management and standards.
- Impact: Strengthens Kasada’s commitment to green buildings and supports local economic growth.
This project aligns with Kasada’s broader mission to combine profitability with environmental and social responsibility, making it a flagship initiative for sustainable development in Africa.
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Why This Project Stands Out
Unlike typical hotel developments, Kasada’s Abidjan project prioritises sustainability without compromising on luxury or functionality. Here’s what makes it unique:
- EDGE Certification: The hotel will meet rigorous environmental standards, reducing electricity and water consumption and using low-carbon materials to minimise its ecological footprint.
- Strategic Location: Situated in Angré, an up-and-coming district, the hotel will be the first internationally branded property in the area, catering to both business and leisure travellers.
- Community Impact: By creating jobs and supporting SMEs, the project will boost the local economy while offering modern amenities like co-working spaces and conference venues.
- Partnership with Accor: Collaborating with a global hospitality giant ensures world-class service and operational excellence, elevating Abidjan’s status as a business destination.
Kasada’s Growing Footprint in Côte d’Ivoire
This isn’t Kasada’s first venture in Abidjan. The company already owns several hotels in the city, including properties under the Ibis and Novotel brands.
In January 2023, Kasada launched construction on two additional hotels in partnership with HC Capital Properties, part of a mixed-use development that includes a shopping centre, offices, and leisure facilities.
This latest €15 million project further cements Kasada’s commitment to Côte d’Ivoire’s robust macroeconomic outlook and its potential as a hospitality hub.
The Bigger Picture: Sustainable Hospitality in Africa
The hospitality sector in Sub-Saharan Africa is a key driver of economic growth, contributing to job creation and foreign reserves.
According to recent data, the tourism and hospitality industry is expected to add $168 billion and create over 18 million jobs by 2033 across the region.
Kasada’s focus on sustainable development aligns with this growth, addressing the increasing demand for eco-conscious travel options.
Why Sustainability Matters
- Environmental Impact: Green buildings reduce energy consumption by up to 40%, helping combat climate change.
- Economic Benefits: Sustainable projects attract international investment and create long-term value for communities.
- Traveller Demand: Modern travellers prioritise eco-friendly accommodations, making EDGE-certified hotels a competitive edge.
Kasada’s portfolio, with 50% already EDGE-certified and the entire portfolio expected to achieve certification by mid-2025, sets a benchmark for the industry.
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How Kasada is Leading the Way
Kasada’s approach combines deep hospitality expertise with a commitment to Environmental, Social, and Governance (ESG) standards. The company has a track record of successful projects across Sub-Saharan Africa, including:
- Senegal: Acquisition of the Le Lamantin Beach Resort and sustainability-linked financing for the Mövenpick Resort Lamantin Saly.
- South Africa: Redevelopment of the former Radisson Blu hotel in Cape Town and a new Mama Shelter Residences project.
- Namibia: Acquisition of the 414-key Safari Hotels & Conference Centre, the largest hospitality complex in the country.
By partnering with global institutions like the International Finance Corporation (IFC) and Proparco, Kasada has secured significant financing to support its expansion while embedding ESG practices.
In 2021, IFC provided up to $160 million in debt funding to strengthen Kasada’s portfolio, including hotels in Abidjan, Dakar, and Douala.
What’s Next for Kasada and Abidjan?
The new hotel in Angré is expected to open in 2024 as part of a larger mixed-use development by HC Capital Properties, which includes a shopping centre, restaurants, and a clinic.
This complex will further enhance Abidjan’s appeal as a business and leisure destination. Kasada’s ongoing investments in Côte d’Ivoire, combined with its focus on sustainability, position the company as a leader in transforming Africa’s hospitality sector.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
