Southern Sun selling majority stake in top Nigeria business hotel
Southern Sun Africa (SSA) is selling its majority shareholding in the Southern Sun Ikoyi Hotel in Lagos.
It owns 75.55% of the Ikoyi, one of Nigeria's top business hotels.
Nigerian entities own the balance of 24.45%, reports Niametrics.
It says the hotel's being acquired by Kasada Albatross Holding, a subsidiary of Qatar-based Kasada Hospitality Fund LP.
The Ikoyi Hotel is a landmark in Lagos and a home from home for many international visitors says Dianna Games in conversation with Motheo Khoaripe (in for Bruce Whitfield).
It is the end of an era... There's a lot of speculation that the Accor hotel group which is French, is part of the Kasada portfolio, and the hotel will be renamed Accor, but that's not been finalised yet.Dianna Games, CEO - Africa @ Work
Games says it's a case of Southern Sun selling a well-performing hotel in order to fund lesser-performing hotels in Southern Africa.
The hotel is doing better now than it even did before COVID, but the Group is looking for revenues to support its Southern African portfolio which is which has really battled through the COVID period.Dianna Games, CEO - Africa @ Work
That's an interesting development... I think these are the kind of decisions that business leaders have to make in this wild ride of a world we're living in at the moment.Dianna Games, CEO - Africa @ Work
Listen to Games' Africa update on the Africa Business Focus:
Source : https://www.facebook.com/SouthernSunIkoyi/photos/a.210541282462042/1214570205392473
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