Katara Hospitality and AccorHotels to set up an investment fund dedicated to hospitality in Sub-Saharan African countries
Katara Hospitality, a leading global hotel owner, developer and operator, based in Qatar, and AccorHotels, a world-leading travel & lifestyle group and digital innovator with a presence in 100 countries and c.4,500 hotels, announced the creation of an investment fund with a targeted investment capacity of over USD 1bn dedicated to hospitality in various Sub-Saharan African countries. |
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Katara Hospitality and AccorHotels to set up an investment fund dedicated to hospitality in Sub-Saharan African countries
Katara Hospitality, a leading global hotel owner, developer and operator, based in Qatar, and AccorHotels, a world-leading travel & lifestyle group and digital innovator with a presence in 100 countries and c.4,500 hotels, announced the creation of an investment fund with a targeted investment capacity of over USD 1bn dedicated to hospitality in various Sub-Saharan African countries. |
Category: Africa Indian Ocean - Events -
Communication/Marketing
This is a press release selected by our editorial committee and published online for free on 2018-07-23
The fund will amount to up to USD 500 million in equity, of which Katara Hospitality and AccorHotels will contribute respectively up to USD 350 million and USD 150 million over the next 5-7 years, with additional financing capacity reached through leverage and co-investments. It will target greenfield projects, brownfield projects and conversions of existing hotels through acquisitions, in a region which offers robust growth opportunities. Approximately 40 hotels (around 9.000 rooms) 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 number one sustainable hospitality fund dedicated to Africa, bringing support to job creation, training, transfer of skills, local supply chain and communities in the region, operating in compliance with UN sustainable development goals.
The announcement came during a signing ceremony between Katara Hospitality and AccorHotels and was attended by His Excellency Sheikh Nawaf bin Jassim bin Jabor Al-Thani, Chairman of Katara Hospitality and Mr. Sébastien Bazin Chairman and Chief Executive Officer of AccorHotels.
Commenting on this partnership, Sheikh Nawaf bin Jassim bin Jabor Al Thani, Chairman of Katara Hospitality, said: “We are delighted to have come to this strategic agreement with AccorHotels. It is evident in the recent times that Sub-Saharan Africa’s hospitality industry has made great strides, and follows the latest positive developments between the State of Qatar and Sub-Saharan Africa to enhance bilateral relations in different industries. We view this fund as an excellent vehicle to take advantage of this compelling markets by teaming up with AccorHotels who provide international hotel brands and operations with strong capabilities.”
“Katara Hospitality is a government-owned organisation whose goals are naturally aligned to the country's objectives; as the hospitality arm of the Qatar Sovereign Wealth Fund, we identify strategic investment opportunities in other markets; and we continuously optimize our international investments to make the best possible returns whilst at the same time safeguarding our economic future.”
Sébastien Bazin, Chairman and Chief Executive Officer of AccorHotels said “I am thrilled to announce this key alliance with our outstanding business partner Katara Hospitality. Having been present for over 40 years in Africa, we also know that there are increasing and sizeable needs for quality hospitality. Through this fund, we will match the expertise of Katara Hospitality together with AccorHotels’ world leading brand portfolio to accelerate our dynamic growth trajectory in the Sub-Saharan region. Above all, by this initiative we demonstrate our shared intention to support sustainable development over the long-term on this continent”.
About Katara HospitalityKatara Hospitality is a global hotel owner, developer and operator, based in Qatar. With more than 45 years’ experience in the industry, Katara Hospitality actively pursues its strategic expansion plans by investing in peerless hotels in Qatar while growing its collection of iconic properties in key international markets. Katara Hospitality’s portfolio has grown to include 39 owned and / or managed hotels and the company is now focused on achieving its target of 60 hotels in its portfolio by 2026. As the country’s flagship hospitality organisation, Katara Hospitality supports Qatar’s long term economic vision.
Katara Hospitality currently owns properties spread across four continents in Qatar, Egypt, Morocco, UK, France, Italy, Spain, Switzerland, The Netherlands, Singapore, Thailand and United States of America. While it partners with some of the finest hotel management companies, Katara Hospitality operates owned and non-owned hotels through its standalone operating arm, Murwab Hotel Group.
Katara Hospitality has gained global recognition for its contributions to the Qatari and international hospitality landscape, through numerous prestigious accolades from the industry.ABOUT ACCORHOTELSAccorHotels 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.
With an unrivaled portfolio of internationally renowned hotel brands encompassing the entire range from luxury to economy, from upscale to lifestyle and midscale brands, AccorHotels has been providing savoir-faire and expertise for more than 50 years.
In addition to its core hospitality business, AccorHotels has successfully expanded its range of services, becoming the world leader in luxury private residence rental with more than 10,000 stunning properties around the world. The Group is also active in the fields of concierge services, co-working, dining, events management and digital solutions.
Relying on its global team of more than 250,000 dedicated staff, AccorHotels is committed to fulfilling its primary mission: to make every guest Feel Welcome. Guests have access to one of the world’s most attractive hotel loyalty programs - Le Club AccorHotels.
AccorHotels plays an active role in its local communities and is committed to promoting sustainable development and solidarity through PLANET 21 Acting Here, a comprehensive program that brings together employees, guests and partners to drive sustainable growth.
From 2008, the AccorHotels Solidarity Endowment Fund has acted as a natural extension of the Group’s activities and values, helping to combat the social and financial exclusion experienced by the most disadvantaged members of society.
Accor SA is publicly listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACRFY) in the United States.
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