Katara and AccorHotels to Develop New Hotels in Africa
Katara Hospitality and AccorHotels,have announced an investment of over USD 1bn dedicated to hospitality development in various Sub-Saharan African countries.
The fund will be up to USD 500 million in equity, of which Katara Hospitality and AccorHotels will contribute up to USD 350 million and USD 150 million respectively over the next 5-7 years.
The development fund will target greenfield projects, brownfield projects and conversions of existing hotels through acquisitions, in a region which offers robust growth opportunities.
Approximately 40 hotels will span across the wide range of internationally renowned brands of AccorHotels, from economy to luxury segments, including residences.
With this initiative, Katara Hospitality and AccorHotels aim at creating the largest sustainable hospitality fund dedicated to Africa, bringing job creation, training and local supply chain.
Katara Hospitality is a global hotel owner, developer and operator, based in Qatar, with more than 45 years’ experience. Katara Hospitality currently has 39 hotels in its portfolio.
AccorHotels is a world-leading travel & lifestyle group and digital innovator offering unique experiences in more than 4,300 hotels, resorts and residences across 100 different countries.