Thursday, August 22, 2019 UTC
Recognized by industry leaders for extensive coverage on African Asset Management

AGF 2019 Events - October 24th, Radisson Blu Hotel, Johannesburg

AGF Forum: PE Fund Operations

The 2019 AGF Forum will assemble cutting-edge thinkers, management of leading Private Equity Firms (CFOs, COOs, CTOs), and Asset Managers to discuss the major developments that affect private investment fund operations.

8AM - 5PM

More Info

AGF Service Providers Awards

The 4th edition of the prestigious Awards has opened for entries in the build up to the Awards night in Johannesburg, South Africa. Deadline for submissions: September 1st; judging period is from July 2018 to June 2019.

7PM - 11PM

Submissions Open
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.

Receive ONE magazine and TWO locked articles of your choice for FREE when you register an account
Share:

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.”

Registration Login
Sign in with social account
or
Lost your Password?
Registration Login
Sign in with social account
or
Registration Login
Registration