Kasada Hospitality Fund has purchased the iconic Cape Grace Hotel in Cape Town, South Africa, with a view to bringing it under Accor’s Fairmont Hotels & Resorts brand.
With this deal, the independent real estate private equity platform dedicated to hospitality in sub-Saharan Africa will help Fairmont to expand its footprint in the region.
Transition timeline
Cape Grace Hotel will transition into Cape Grace by Fairmont by the end of 2023. The property features 120 luxurious rooms and two food and beverage outlets.
The hotel is located in Cape Town’s V&A Waterfront neighbourhood, between an international yacht marina and the working harbour, with the breathtaking Table Mountain as a backdrop.
Establishing footprint
Mark Willis, CEO of Fairmont Hotels & Resorts, said: “We are noticing a real momentum in South Africa for luxury hotel brands, and we couldn’t think of a more iconic hotel than Cape Grace to establish our footprint in the country.
“The world-class service of the brand combined with the unique location and unparalleled level of luxury the Cape Grace Hotel will be featuring, offers the promise of an unforgettable experience to any guest or visitor coming into the property.”
Across Africa
Throughout the continent, Fairmont will be stretching its legs further in the coming years. One of these is Fairmont Djibouti, which will take shape in Djibouti City within a beachfront location. The resort will feature 165 keys, comprising guestrooms and serviced apartments, and is due for completion in 2024.
At least three hotels are planned for Egypt too, namely: the 250-key Fairmont Pyramids Hotel & Residences, arriving in Giza in Q2 this year; in the same quarter, the 320-room Fairmont Fuka Bay – CityStars Al Sahel will complete in Fuka; and Cairo Festival City Fairmont Hotel and Serviced Apartments will bring 150 rooms to the New Cairo district in Q1 2024.
source:Fairmont and Kasada unite to transform Cape Town icon – THP News (tophotel.news)