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AGF Magazine - April 2019 issue

  • In a region where only a minority of the population has access to a bank account and SMEs struggle to get financial help from traditional banks, Albert Alsina, CEO and Founder of Mediterrania Capital Partners, explains how the PE industry is becoming a catalyst for the African Fintech ecosystem’s development, enabling large-scale banking and supporting entrepreneurs and SMEs in their expansion plans (pp. 10-12).
  • In this month’s issue of Africa Global Funds, we also caught up with Kenneth Kaniu, Britam Asset Managers CEO, to learn about their anchor investment in Tiserin Capital, and the needs and constraints of institutional investors in Kenya and East Africa (pp. 14-15).
  • On the infrastructure front, we hear from Moritz Breickmann, Investment Director at African Infrastructure Investment Managers (AIIM) who showcases some successful airport redevelopments in Africa. Read on to find why airport infrastructure projects on the continent can provide attractive long term returns to investors (p.17).
  • In this month’s issue we also learn that the FTIF Templeton Africa Fund was merged into the FTIF Templeton Frontier Markets Fund. We speak with Ahmed Awny and David Haglund about the Fund and its African investments (p.16).
  • Finally, Rob Childs, Head of International for Prescient Fund Services shares his views on the global distribution challenges facing African fund managers and why the firm decided to domicile their offshore fund range in Ireland (p. 22).
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News > Funds > Markets and Industry News

Horwath HTL sees potential for hotel development in Ivory Coast

Africa Global Funds
Dec. 18, 2018, 1:27 p.m.

Word count: 461

The opportunities for hotel development in Ivory Coast are at their strongest for a long time, as the country continues to bounce back from internal conflict, according to Philippe Doizelet, Horwath HTL’s Managing Partner.

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The opportunities for hotel development in Ivory Coast are at their strongest for a long time, as the country continues to bounce back from internal conflict, according to Philippe Doizelet, Horwath HTL’s Managing Partner.

The key factor in this assessment is the resurgence of Abidjan, as a French-speaking commercial centre, assisted by a growing airport with direct connection to the USA and good quality infrastructure for meetings, conferences and exhibitions.

The country has been edging its way towards a lasting political solution to the armed rebellion in 2002 that split the country in two. 

As economic growth has been strong since 2012, between 8% and 12%, and political stability holds, investors are seeing new chances in a nation, strategically located on the southern coast of West Africa.

The best opportunities, according to Doizelet, are: in Abidjan, upscale hotels in Plateau and Cocody, international four-star hotels and mid-market hotels in Plateau, economy and midscale hotels in Marcory and Treichville, and along the major road axis in Cocody/Bingerville; economy hotels in provincial cities like San Pedro, Bouake, Korhogo, Yamoussoukro; midscale resorts, which are best adapted to MICE and domestic leisure activities in Bassam, Assinie and Jacqueville -near Abidjan- and Grand Bereby; mixed used projects and or combos including aparthotels; as well as ecolodges within natural sanctuaries, natural parks and plantation estates (an emerging opportunity).

But Doizelet warns that the overall tourism sector will not grow as rapidly as it should because of difficult accessibility due to poor roads; high prices of air connections and hotel accommodation, and low standards of quality, maintenance and services. 

This is despite the country having 520 kilometres of spectacular coastline, eight national parks and six natural reserves, as well as four UNESCO World Heritage sites.

Consequently, the business travel segment is expected to be developed sooner because Ivory Coast is growing as a regional economic hub, and infrastructure projects are in train that will reduce travel times. 

The overall economic environment is attractive too - strong GDP growth, outstanding assets in the agricultural sector (Ivory Coast is the world’s biggest exporter of cocoa), dynamic industry and a vibrant services sector, embracing telecoms, IT, banking and communications.

The current overall hotel supply in Ivory Coast remains limited despite significant growth since the end of the political crisis. And there’s a need for more quality units with demand coming from Europe and Africa.

Doizelet will be sharing his expertise at the new Forum de l’Investissement Hôtelier Africain (FIHA) in Marrakesh in February 2019.

He said: “There are good opportunities to be had in Ivory Coast for the wise investor. Of course, there are pitfalls, but the FIHA conference provides a chance to thrash out all the issues. I’m looking forward to discussions in more detail with delegates.”

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