Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News February 08, 2014 at 09:00AM

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VENTURES AFRICA – Louvre Hotels Group, the second largest hotel group in Europe, plans to open 16 new hotels across sub-Saharan Africa, which will include a first in the continent’s Francophone countries.

The French hotel chain, which is owned by American investment company Starwood Capital Group, will add hotels in countries including Burkina Faso, Senegal, Rwanda and Ethiopia as well as begin preliminary work on a new hotel in Benin, BusinessDay reported.

CEO of Louvre, Alain Sebah, who was quoted by BusinessDay explained that the rising economic prominence of the continent coupled with the potential financial gains for foreign investors will fuel growth in hospitality demand, making it an attractive venture for the group at this time.

Louvre controls 6 international hotel brands ranging from 1 to 5 stars including Royal Tulip, Golden Tulip, Campanile, Premiere Classe, Tulip Inn, Kyriad, and Kyriad Prestige. Its owns over 1080 hotels across 41 countries with sales exceeding Euros 1.5 billion ($2 bn).

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