French hotel groups Accorhotels and Qatari Katara Hospitality announced on Monday (July 23rd) the creation of an investment fund with a capacity of over $ 1 billion to expand their presence in sub-Saharan Africa.
This new initiative will have, over the next five to seven years, a capital of 500 million dollars, including a contribution of 350 million Katara Hospitality and 150 million Accorhotels.
Financing from indebtedness and investments “will be allocated to the construction of new hotels on bare land or in the context of urban regeneration projects, as well as to the acquisition of existing establishments accompanied by “a change of brand, in a region that offers solid growth opportunities,” according to both groups.
Through this fund, it is planned the opening of forty hotels in the mid-range as Novotel or more premium as Pullman, in addition to aparthotels Adagio.
As a reminder, Katara Hospitality is a division of the sovereign wealth fund of the State of Qatar, the second largest shareholder of Accorhotels with 10.17% of its capital.
Trending
- Ivory Coast: Alassane Ouattara announces his candidacy for the 2025 presidential election
- AfDB unlocks $30 million to strengthen agricultural resilience in Benin
- South Africa: HAVAÍC completes a second closing for its African Tech Fund at 50 million USD
- NSIA Bank obtains MSI 20000 certification for four of its subsidiaries in West Africa
- Uganda: MTN shareholders approve the split of the mobile money business
- BIA Niger improves access to specialized care by equipping the Amirou Boubacar Diallo hospital with a modern hospitalization unit
- Botswana: Multi-billion dollar smart city project in the Kalahari Desert
- Abdoulaye DIOP, President of the UEMOA Commission: a resilient economy in the face of endogenous and exogenous shocks with promising prospects
AccorHotels and Katara Hospitality set course for sub-Saharan Africa
Accorhotels et Katara Hospitality, développeur et gestionnaire d’hôtels haut de gamme basé au Qatar, ont annoncé lundi la création d'un fonds d'investissement d’une capacité de plus d'un milliard de dollars qui ciblera le secteur de l’hôtellerie en Afrique subsaharienne. /Photo d'archives/REUTERS/Gonzalo Fuentes
Amadjiguéne Ndoye
Economic journalist with a Master’s degree in Communication and Journalism from the Higher Institute of Information and Communication Sciences in Dakar (ISSIC). Avid reader and music enthusiast. Feminist at heart and passionate about fashion.
Add A Comment
About us
Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, give meaning to statistics….
Contact us: redaction@financialafrik.com