According to the data, new development projects across the country have risen this year by 20 percent with a total of 61 pipeline ventures carrying a capacity of 10,222 hotel rooms in spite of tight economic realities and plunging commodity prices.
Owing to major hotel deals with institutions like Accor Hotels signed by Jovago.com and AAA Activos, more than 36 hotel chains and 86 brands are developing 64,000 hotel rooms - an increase of almost 30 percent from 2015.
“Investors remain confident about the future of the hospitality industry on the continent,” says Trevor Ward Managing Director of W-Hospitality Group, “Even when pummelled daily by low commodity prices, exchange rate problems, political challenges and infrastructure, Africa remains resilient.”
Recent inflation data released by the National Bureau of Statistics show that in line with the growth of the sector, restaurant and room prices rose by 1.1% m/m in January.
As the International Monetary Fund also predicts a significant increase hotel rates across Sub-Saharan Africa, Kushal Dutta, managing director of Jovago Nigeria said, “The domestic hospitality industry is one sector that has shown tremendous flexibility this year. In spite of the current economic realities, internal travel has continued to thrive providing traction for the industry to grow at a pace 1 percent faster than GDP which is good.”
Similar countries in Africa listed as part of the top ten nations with high number of hotel rooms are Egypt (6,660), Morocco (5,681), Tunisia (2,976), Kenya (2,956), Ethiopia (2,460) and South Africa (2,058).
In September last year, GoldenPeaks Capital Holdings, a UK-based investment organisation, signed a contract to develop three-star hotels in 18 provinces of Angola at a cost of about $1.2 billion.