VENTURES AFRICA ? Mangalis Management Group (MMG) has revealed plans to make a $507 million investment in building new hotels in 15 Sub-Saharan African countries.
The firm says it is constructing 2,200 rooms and suites across 15 properties in 15 countries in Sub-Saharan Africa.
MMG revealed this at the just concluded three-day African Hotel Investment Forum (AHIF) in Nairobi-Kenya, which featured more than 400 delegates that included CEOs and senior executives of leading international hotels.
Investment opportunities, operating costs, financing and human capital challenges were some of the key issues discussed at the summit.
Founded in 2011 by successful West African conglomerate Teyliom International, MMG is the hospitality management arm of Inaugure Hospitality Group which manages new and existing hospitality brands, such as Noom, Noom Residences, and Seen Plus. It entered the African hospitality market in 2009 when it opened the Radison blu Dakar.
MMG is not the only one making a landmark in investing in Africa hospitality business. Wyndham hotel group also revealed at the summit that it has signed two hotel deals in Tanzania. The Hilton, Mamot, Accor and Dubai-based Emar hospitality group are also going to be making substantial investments in the coming years.
According to the 2013 Africa Pipe Survey by W Hospitality, there are 207 hotels in the pipeline with 40,000 hotel rooms planned for construction between now and 2017. This accounts to a 17 percent increase compared to 2012.
As noted in the report, ?Africa is receiving more and more attention from international chains which clearly sees the need to expand their business to expand its presence, particularly with above-average growth in the number of travellers to the region and some of the fastest growing economies in the world.?