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Southern Sun Ikoyi rebranded to Mövenpick as Kasada Holdings completes takeover

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Kasada Albatross Holding has completed the acquisition of Southern Sun and commenced operation under the Mövenpick brand.

The hotel commenced operations under the Mövenpick brand in December 2002 with most of the staff of the former Southern Sun brand retained by Accor Hotels.

Recall that South Africa’s Southern Sun Africa (SSA) announced the disposal of its 75.55% majority shareholding in Southern Sun Ikoyi Hotels, in a deal valued at about $30.4 million comprising $29.1 million in shares and another $1.3 million in shareholder loan claims.

The hotel is being acquired by Kasada Albatross Holding (the Purchaser), which is a subsidiary of Kasada Hospitality Fund LP.

The Kasada Group’s hotels are operated under the banner of Accor’s wide range of internationally renowned brands.

The new deal was confirmed by Southern Sun in the following statement: “Southern Sun Ikoyi has changed ownership, and from mid December 2022 is operated under the Mövenpick brand by Accor Hotels. For the past 13 years, Southern Sun has successfully managed the hotel where many local and international travellers have enjoyed its generous hospitality and friendly service synonymous with the well known Ikoyi landmark. The staff remain and look forward to continuing this tradition of service under the new Mövenpick brand.”

Fedredsnews checks revealed that the new owner retained most of the management staff in food and beverage, and senior staff. A caretaker has been appointed as the interim General Manager of the hotel.

However, the former manager of Southern Sun, Mark Loxley resigned from his position as hotel general manager. He has been the general manager of the hotel since its inception in 2009.

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