AccorHotels, the parent company of Mövenpick Hotels & Resorts, has come into a partnership with Qatar firm Katara to set up Kasada Africa Hospitality fund worth $1 billion. The fund is set to benefit several hotels in key African cities through developments.
According to AccorHotels CEO, Marc Willis, several hotels are set to be constructed in East Africa, Anglophone part of West Africa, and Southern Africa in the next seven years.
Katara hospitality and Accor hotels will be contributing an approximate of $350 million and $150 million respectively amounting to $500 million over the period.
The fund will be targeting greenfield projects, brownfield projects and conversion of existing hotels and hence so much dynamic growth is expected to be accelerated.
Community Conservation Fund Africa which is an NGO working to prevent the decline of Africa’s Wildlife is also in the partnership, bring on board Wilderness Foundation, African parks and Tusk Trust which are renowned organizations globally.
According to the Chief Commercial Officer, Yigit Sezgin, the program will enable clients to earn and redeem points across food and beverage outlets, all hotel brands, and co-working space.
“Greater membership also drives down our customer acquisition cost, since members are more loyal to us than non-members and allow us to communicate with our guests on a more intimate level,” Mr. Sezgin noted.
Marc Descrozaille, the Chief Operating Officer, cited that the move will allow the group to have an adequate support network as they will be working alongside impressive entrepreneur hoteliers.
“We prefer joint ventures over acquisition with these founder driven brands because it keeps their unique expertise at the helm. Every hospitality brand faces the risk of obsolescence but working with such lively, entrepreneur brands keeps our portfolio vibrant and fresh,” Mr. Descrozaille said.
Accor has 114 hotels in operation across Africa including 43 in sub-Sahara Africa across 15 countries.
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