South African company, Southern Sun Africa (SSA) is set to dispose of its 75,5% shareholding in the Southern Sun Ikoyi Hotel, one of Nigeria’s largest business hotels.
According to Niametrics, the deal is valued at US$30,4m (R466,4m). The hotel is being purchased by Kasada Albatross Holding, a subsidiary of Kasada Hospitality Fund LP. The Kasada Group’s hotels operate under the banner of the Accor Group’s wide range of international brands.
SSA acquired a majority shareholding in Southern Sun Ikoyi Hotel in 2013, for about $65m (R997,2m), reports Business Hallmark.
The deal is seen in some quarters to be down to major financial losses incurred by SSA as a result of the COVID-19 pandemic.
The deal completion is subject to the approval of the Federal Competition and Consumer Protection Commission in Nigeria and the Security & Exchange Commission.
