Corporate focussed hotel group set for Africa expansion
22 Feb 2019 - by
The Latitude Hotels Group announced on February 19 that it had selected Inside Capital Partners to further its expansion plans, seeding the development of three additional hotels in Nairobi, Addis Ababa, and Mauritius, as well as fast track screening of various pipeline opportunities.
Latitude Hotels is an African-based hospitality group, established in Mauritius as an unlisted public company. The brand was born with the aim of becoming a leading owner and operator of boutique business-orientated hotels across sub-Saharan, Central, Southern and East Africa. Established in 2013, its first property was in Lilongwe, Malawi (Latitude 13), followed by a second property in Lusaka, Zambia (Latitude 15) in 2014. The group offers high-end service and infrastructure, incorporating luxury rooms, shared workspaces, gyms, spas and, in selected sites, a private members’ club.
Inside Capital Partners specialises in the financing expansion of regional SMEs in Southeast Africa through its fund, Inside Equity Fund. This fund has now committed to invest $7.5 million (R105m) towards the development of Latitude’s three additional hotels within the next two years.
The group is currently in the latter stages of commissioning Latitude 0 in Kampala, Uganda, which will be a flagship green development situated within an elevated scenic site featuring panoramic views overlooking Lake Victoria and the city.
Basil Nundwe, Senior Partner at Inside Capital Partners said: “The Latitude brand is already making waves in the hospitality industry through its contemporary and fresh design concept, service levels, and exquisite food and beverage offering. Supported by a strong nett asset value underpin, above-market occupancy levels, and strong development pipeline, we believe risk-adjusted return on this investment is exceptionally attractive.”