News

QIA unit reveals $1bn fund to target African hotels

Novotel_Hotel_CasablancaKatara Hospitality, the hotels division of sovereign wealth fund the Qatar Investment Authority (QIA), has teamed up with France-based AccorHotels to launch a $1 billion investment fund to develop hotels in sub-Saharan Africa. The fund will comprise $500 million in equity, with Katara and Accor contributing $350 million and $150 million respectively over the next five to seven years. The remaining capital will be provided through leverage and co-investments. Investments will be focused on greenfield and brownfield projects and conversions of existing hotels across sub-Saharan Africa, a region which the fund’s operators believe “offers robust growth opportunities”. “We view this fund as an excellent vehicle to take advantage of this compelling market by teaming up with AccorHotels who provide international hotel brands and operations with strong capabilities,” said Nawaf bin Jassim bin Jabor al-Thani, chairman of Katara Hospitality. The fund launch comes just weeks after Katara completed the purchase of the New York Plaza hotel for a reported $600 million. ©2018 funds global mena

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