AccorHotels and Katara Hospitality have joined forces to create an investment fund targeting the hotel sector in various sub-Saharan African countries.
AccorHotels announced the creation of an investment fund with Katara Hospitality, owner, developer and operator of 39 hotels, based in Qatar.
The two structures aim to create "the number one sustainable hospitality fund dedicated to Africa" and provide support for job creation, training, transfer of skills and local supply chain.
This fund has an investment capacity of over $1 billion and targets the hotel sector in sub-Saharan Africa. It will have $500 million in equity: $350 million from Katara Hospitality and €150 million from AccorHotels over the next 5-7 years. The additional financing capacity is reached through leverage and coinvestments.
These resources will be allocated to the construction of hotels on bare land, the acquisition of existing properties with a change of brand or in urban regeneration projects. Nearly 40 hotels and residences (approximately 9,000 rooms) will involve a wide range of AccorHotels brands, ranging from economy to luxury.
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