• Kasada obtains €15 million (around $17.4 million) loan from Africa Go Green fund.
• Funds will support construction of a sustainable hotel in Abidjan, operated by Accor.
• The project aligns with Kasada’s expansion across West Africa and focus on green buildings.

Kasada, an investment platform focused on hotel assets in sub-Saharan Africa, announced on August 5 that it has secured a €15 million credit line (about $17.4 million). The loan was granted by the Africa Go Green (AGG) fund, managed by the investment bank Cygnum Capital.

The funding will go toward the construction of a new hotel in Abidjan, Côte d’Ivoire. The property will be operated by Accor and marks Kasada’s fifth hotel project in the Ivorian economic capital. The project is designed to meet certified environmental standards, focusing on reduced energy use, water efficiency, and low-carbon materials.

This marks Kasada’s first collaboration with the AGG fund and supports a shared goal of cutting greenhouse gas emissions linked to buildings. Kasada plans to install high-efficiency energy equipment and water-saving features, with a focus on tracking resource savings during operation.

According to Laurène Aigrain, Managing Director of the AGG fund, the project will deliver a hotel built to sustainable development standards while generating economic benefits for the local community. She added that the initiative reflects AGG’s mission to back low-impact buildings in African cities.

“This real estate project strengthens our commitment to financing green buildings that combine profitability and sustainability. By investing in such developments, AGG continues to show its dedication to creating lasting value for communities, the environment, and investors,” Aigrain said.

Growing footprint in West Africa

This project is part of Kasada’s ongoing expansion in West Africa. In Côte d’Ivoire, the company already owns several hotels operated under the Ibis (Marcory and Plateau) and Novotel brands. In January 2023, Kasada launched the construction of two additional hotels in Abidjan, in partnership with HC Capital Properties. These hotels are part of a broader development that includes a shopping center, office space, and leisure facilities.

In October 2022, Kasada also expanded into Senegal with the acquisition of the Le Lamantin Beach resort, following earlier purchases of the Pullman, Novotel, and Ibis hotels in Dakar. With its latest project in Côte d’Ivoire, Kasada is betting on the country’s economic stability and growth potential. The new hotel will target the budget segment, offering affordable rates suited to both local and regional markets.

In an op-ed published in mid-February, Olivier Granet, Managing Partner and Co-CEO of Kasada, wrote that Africa’s hotel industry remains fragmented, underdeveloped, and largely untouched by international brands. Despite these challenges, he said the sector is set for significant growth and consolidation.