Katara Hospitality, AccorHotels team on the expansion of the hotel industry in Africa

Katara Hospitality, owner, operator and developer of Qatar – based hotels, has partnered with AccorHotels to launch an investment fund of more than $ 1 billion intended for the purpose. expansion of the hospitality market in sub-Saharan Africa.

$ 500 million in equity, of which Katara Hospitality and AccorHotels will contribute $ 350 million and $ 150 million respectively over the next five to seven years. The fund will obtain additional funding through levers and co-investments.

Partners will use the funds to develop greenfield projects, brownfield projects and existing hotel conversions through acquisitions in the region. About 40 hotels with nearly 9,000 rooms will operate under several Accor brands ranging from economy to luxury, including residences.

Katara Hospitality and AccorHotels aim to support job creation, skills transfer, local supply chain and communities through this initiative. The companies also plan to operate the fund in accordance with the UN Sustainable Development Goals.

The new hotels will extend the reach of Katara Hospitality across Africa, where the company currently owns two properties: Renaissance Golden Sharm El Sheikh Resort in Egypt and Tazi Palace Hotel, Tangier in Morocco. The Renaissance hotel was the first acquisition of Katara Hospitality outside Qatar. His station is still developing in Tangier, where Katara Hospitality turns an old palace into a hotel with rooms and three villas. The new resort is expected to open in 2020.

"It is evident that the hospitality industry in sub-Saharan Africa has made great strides and follows the latest positive developments between the l & # 39; State of Qatar and Sub-Saharan Africa Improving Bilateral Relations in Different Industries We view this fund as a great way to take advantage of these attractive markets by partnering with AccorHotels, [which provides] international hotel brands and high-capacity operations, "said Sheikh Nawaf bin Jbadim bin Jabor Al Thani, president of Katara Hospitality, a statement

The new properties will also strengthen AccorHotels' portfolio on the continent where it has 124 hotels and 22 401 rooms, operating under the Fairmont, Sofitel, Rixos, Novotel, Mercure, Ibis, Ibis Styles, Ibis Budget, MGallery and Pullman brands.

"I am delighted to announce this key alliance with our exceptional business partner Katara Hospitality. Having been present for more than 40 years in Africa, we also know that there are growing and important needs for quality hospitality. Through this fund, we will combine the expertise of Katara Hospitality and AccorHotels' world-leading brand portfolio to accelerate our dynamic growth trajectory in the sub-Saharan region. Above all, by this initiative, we demonstrate our common intention to support long-term sustainable development on this continent, "said Sébastien Bazin, CEO of AccorHotels, in a statement