Investing in the African Hospitality Industry: Challenges and Opportunities
Are you looking to invest in the hospitality industry? Have you considered Africa as a potential market? In a recent podcast episode, Halla Matar Choufany, President of HVS in Middle East, Africa, and Asia, shared her insights on the challenges and opportunities in the African hospitality industry.
Choufany highlighted the diverse markets in Africa, each at different stages of development. However, she sees potential in conducting feasibility studies to identify sustainable schemes that tie into the bigger picture of tourism infrastructure. Connectivity, financing, safety, and mindset are some of the challenges facing the African market, but changing the mindset around the difficulties of doing business in Africa could lead to finding solutions.
Despite the economic slowdown, there is a migration of money into the Middle East and Africa, making it a good time to invest in Africa as the cost to acquire certain assets is lower compared to other markets. Private equity firms are already showing interest in the African market, and Choufany believes that as more transactions and investments take place, lenders will follow suit.
Instead of building new hotels, Choufany suggests converting and renovating existing assets in Africa, which requires less capital investment and can potentially bring newer and renovated products to the market. She also sees potential for unique and smaller hospitality offerings, such as lodges and local home accommodations.
The conversation also touched on the importance of market research and having the right team and advisors in place to make successful investments in the hospitality industry. So, if you're considering investing in the African hospitality industry, be sure to do your research, understand the market, and have the right team in place to make it a success.
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