Browsing: Hospitality investment

Africa's Hospitality Sector set to Soar – Analysts www.theexchange.africa

While the hospitality sector was one of the most hit during the pandemic, it has also been among the fastest to rebound on the African continent.

According to a recent W Hospitality survey, hotel chains signed 447 transactions in 2021, and the number of rooms (80,291 rooms) added to their development pipeline is nearly the same to 2019

Marriott Hotel & Resorts, Hilton, and Radisson Blu are the most active hotel brands in terms of on-site construction.

According to the report, the on-site construction period is often beneficial to hotel chains and many others involved – a new hotel implies more jobs, tax money for the government, increased economic activity in the value chain, more advertising spending for the location, and so on.

The goal here is to have more companies register on the island to increase Zanzibar’s internal revenue through taxes and related fees. The move is also expected to create employment on the island as companies open subsidiaries they will naturally have to hire.

Overall, according to the International Monetary Fund (IMF ), last year’s growth of around 4 per cent is expected to pick up to about 5½ per cent this year and to then maintain a steady growth of the next few years, assuming no other pandemic strikes that are.

Ceterisperibus, should the economic reforms announced by the new administration and the envisaged improvements in the business climate materialize, then medium-term growth could reach 6 per cent, says the IMF.