Latitude Hotels Group receives funding for African expansion

Zambia: Latitude Hotels Group has attracted the funding from Mauritius based independent private equity manager Inside Capital Partners.

The $7.5 million (£5.7 million) investment will be important in the quest of the Hotel chain to open hotels in Nairobi and Addis Ababa as well as a hotel in Mauritius within the next two years.

Latitude Hotels are an African lifestyle brand, that aims to be the leading owner and operator of boutique business-oriented hotels across Sub Saharan Africa.

​Latitude has to date built and operates three boutique hotels in Malawi (Latitude 13), Zambia (Latitude 15) and Uganda (Latitude 0).

Inside Capital Partners works in partnerships with entrepreneurs, and leverages on its network of experts, to fast track the development of small and medium-sized enterprises.

Basil Nundwe, senior partner at Inside Capital Partners, said: “Supported by a strong net asset value underpin, above-market occupancy levels, and strong development pipeline, we believe risk-adjusted return on this investment is exceptionally attractive.”

Nick Brown, chairman of the Latitude Hotels Group, added: “We are delighted to announce our partnership with Inside Capital Partners, which will enable us to extend 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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