Deals - Dec 11, 2023

Asafo & Co. is advising the Société de Patrimoine et de Gestion (SPG) Akwaba S.A. on the financing to construct the Golden Tulip Akwaba, a 4-star hotel in Abidjan.

The financing included two principal segments, a loan agreement signed with the West African Development Bank (BOAD) for FCFA 9.2 billion FCFA in September 2023 and a loan agreement signed with the Banque Nationale d’Investissement (BNI) for FCFA 9 billion in November 2023.

Part of Côte d’Ivoire’s National Development Plan (NDP), this infrastructure project, the total cost of which is estimated at 33.2 billion FCFA (approximately 55 million dollars), aims to inject new impetus into Côte d’Ivoire’s potential as a tourist destination and business center.

Golden Tulip Akwaba is being built on an area of 20,000 m2 and will have a capacity of 205 rooms, a bar, two restaurants, a boutique, an infirmary, a gym and a SPA, as well as an 80-space covered parking lot and a garden.

Abidjan-based partner Yacouba Coulibaly led the Asafo & Co. team advising SPG Akwaba on the negotiation and drafting of the financing documents and was assisted by Vanessa Neyam (senior associate) and Emmanuel Tiecoura (associate). Yacouba also worked with Louis Dubois (partner) and Guy-Fabrice Holo (associate) on the contractual aspects related to the construction of the hotel complex.