Kasada Capital Management, an investment company, has acquired The Cape Grace at the V&A Waterfront, a five-star hotel in Cape Town, from Meikles Limited, a conglomerate controlled by Zimbabwean multimillionaire John Moxon.
Kasada Capital Management, which is based in Mauritius, was founded in 2018 with the backing of Qatar’s sovereign wealth fund. The firm’s acquisiton of the 120-room hotel from Meikles Limited marks its entry into South Africa as part of a strategy to have a presence in the main cities in Sub-Saharan Africa.
Kasada CEO Olivier Granet called the Cape Grace a “great addition” to the company’s hotel portfolio. “We look forward to bringing our knowledge and expertise to this iconic asset,” he said in a press statement.
Kasada owns hotels in other countries, which are operated by Accor, a French company that owns, manages and franchises hotels, resorts and holiday properties. In its press statement, Kasada said it plans to renovate the 26-year-old hotel along green-building principles “while keeping its legacy, unrivalled quality and exceptional service, which have been the essence of this exceptional property.”
Meikles is a Zimbabwe-based conglomerate engaged in agriculture, hotels and retail trading. It owns hotels in Harare and Victoria Falls. Moxon, the group’s current chairman, is Meikles’ single largest individual shareholder with a 48.6-percent stake currently valued at $56.5 million.
