Lusaka, Zambia: Inside Capital Partners through its first fund, Inside Equity Fund specialised in financing regional expansion plans of SMEs in Southeast Africa, recently signed off a deal with the Latitude Hotels Group to finance its expansion. Inside will seed the development of three additional hotels in the region as well as fast track screening of fresh pipeline opportunities.
Latitude is a unique African based hospitality group established in Mauritius as an unlisted public company with the ambition to build a boutique hotel group focused on Southeast Africa. The company started in 2013, with its first establishment in Lilongwe, Malawi (Latitude 13); followed by a second establishment, in Lusaka, Zambia (Latitude 15) in 2014. The Group offers world-class service and infrastructure standards incorporating luxury rooms, shared workspace, gym, spas and, in select sites, a private members' club. The group is currently in the process of commissioning Latitude 0 in Kampala, Uganda. The Kampala blueprint is a flagship green development situated at an elevated scenic site with a panorama view overlooking Lake Victoria.
Inside Equity Fund has committed to invest US$7.5mn towards the development of the three additional hotels in cities around East Africa (including Nairobi and Addis Ababa) and in Mauritius within the next two years.
Mr 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 net asset value underpin, above market occupancy levels, and strong development pipeline, we believe the risk-adjusted return on this investment is exceptionally attractive".
Nick Brown, Chairman of The Latitude Hotels Group said:"We are delighted to announce our partnership with Inside Capital Partners, which will enable us to further develop our portfolio across sub-Saharan Africa, starting with Southeast Africa. We look forward to working closely with them as we expand the business to the next level."
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