Accor SA, a French multinational hospitality company, plans to open seven hotels in Ethiopia by 2020.
Mark Willis, CEO for Middle East and Africa of the European hotel operator, said Accor will open a total of 60 new hotels in 14 countries in Africa in the next four years.
Key markets in Accor’s growth plan include Nigeria, Ethiopia and South Africa, where it will open 10, seven and three hotels respectively by 2020.
Accor has 143 hotels in Africa, 63 of them south of the Sahara, and will promote its Movenpick luxury brand, Willis said.
Accor invested $150m, while the Qatar Investment Authority unit put in $350m. The remaining $500m will be raised through bank loans, according to Willis.
It may expand through mergers, acquisitions and partnerships on the continent, including in SA, where Accor is already considering several opportunities, Willis said.
In a recent survey W Hospitality Group, a Lagos-based firm, Ethiopia stood four in hotel development. According to the Survey, Egypt, Nigeria, Morocco and Ethiopia are the four top hotel development destinations in Africa.