An investment firm, Actis and Westmont Hospitality Group, has acquired the 231-room Four Points by Sheraton in Victoria Island, Lagos.
Four Points by Sheraton is a brand of hotels targeted towards business travellers and small conventions. It is owned by Starwood Hotels & Resorts, which is a subsidiary of Marriott International. The group operate more than 300 hotels worldwide under the Four Points by Sheraton brand.
Following the joint venture between the firms, a statement made available to the public confirms Actis and Westmont agreed to collaborate in acquiring hospitality assets across sub-Saharan Africa.
The statement read in part
“Actis and Westmont intend to harness their complementary expertise to acquire hospitality assets in major cities across sub-Saharan Africa.”
Director at Actis, Funke Okubadejo, expressed her excitements over the potential of the joint venture across Sub-Saharan Africa.
“This is a very neat fit for our respective needs and ambitions in the region. Hospitality is capital intensive and requires an experienced trusted partner able to handle the operating aspects. Westmont has a fantastic reputation as an operating partner and franchisee for some of the most prestigious hotels in the world and Actis has unparalleled experience investing on the ground in Africa. We are very excited about the potential of this venture together.”
The Director of Development, Africa, Westmont, Ewan Cameron, said Westmont has been committed to expanding its hospitality investments in Africa and was delighted to have partnered with Actis on the acquisition of Four Points by Sheraton, Lagos.
About Westmont and Actis
Westmont Hospitality Group is a company based in Mississauga, Ontario, Canada which owns and manages hotels. It was founded by the Mangalji family. It is one of the biggest hospitality management companies.
Founded in 1975, the Hospitality Group remains one of the world’s largest privately held hospitality groups having operated over 1,100 hotels globally, including hotels in Mozambique and Zambia.
On the other hand, Actis is a multi-asset emerging market investor. The investment firm was formed in 2004, as a spinout of CDC Group plc, an organisation established by the UK Government in 1948 to invest in developing economies in Africa, Asia, and the Caribbeans.
Actis has a long heritage of investing in Africa, having committed $4.5 billion to the region over the last 15 years and is the largest private equity real estate firm in sub-Saharan Africa.