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Published on : Wednesday, May 13, 2015
With a vision to become a destination in their own right so as to attract tourists and investments, African governments have been urged to invest in infrastructure and those investing in hotels in Africa have been urged to embrace local partnerships.
Following a meeting of hotel industry leaders convened recently to discuss hotel development in Africa, Bench Events, the organizer of the Africa Hotel Investment Forum, has produced a list of priorities to facilitate the growth of the sector.
Bench Events notes that African governments need to make long-term strategic development plans covering wide geographical areas in order for there to be a greater degree of certainty about the local environment for new hotels.
It also observes that political unrest is extremely detrimental to the hospitality industry and has caused several hotel development projects to be put on hold.
Serious international investors will only commit funds where there is a stable political environment, it stresses.
Bench Events says governments and entrepreneurs also need to look outside Africa, as well as within the locality of their project for finance because many international investors are attracted by the relatively high growth rates of many African countries.
Prospective investors are expected to originate from the Middle East, which has good air links and from China, which already has many established businesses on the Continent.
In response, hotel chains are experimenting with modular construction solutions which will enable them to be up and running from scratch within months.
Investors have been urged to embrace local partnerships as a strategic priority. The participants in the meeting included senior executives from several global hotel chains, a number of major hotel investors and a raft of expert advisers to Africa’s hospitality industry.
Tags: Hotels in Africa