Market News

Agency tips Kenya as top hospitality investment spot


Construction site of the 63 storey building. FILE PHOTO | NMG

A global hotels, tourism and leisure consulting firm has named Kenya East Africa’s hottest investment spot, where 24 multi-billion five-star hotel projects are currently underway.

The just released ‘TopHotelProject’  analysis by Horwath HTL South Africa said Kenya was ahead of Africa’s richest country, South Africa (16), Ethiopia (23), Algeria (12), Cape Verde (12), Tanzania (11) and Tunisia that had 10 projects.

The report says increased interest in Kenya and other African countries has helped lure billions of shillings in investments from global hospitality chains such as Hilton Hotels, which is behind the upcoming 63 storey Upper Hill project in Nairobi.

The firm’s director Michele de Witt said this was good for Africa as many high-net worth individuals looked forward to seeking investment opportunities in Kenya and across Africa.

READ: 13 new hotels to enter Kenya in next five years

“There is a growing demand for lodging of an international standard and this demand creates the business case for investors to move into Africa, especially in countries with visible economic activity,” said De Witt.

The report named Nairobi, Addis Ababa (Ethiopia) Dakar (Senegal) and Uganda’s Kampala as the leading cities in Africa that had rightly read the investors’ mind.

“Investors look at a country’s robust economy, hassle-free inbound air travel, transport and infrastructure development when making decisions to invest,” she said.