Africa's premier hotel investment forum opens in Kenya amid bullish outlook

Source: Xinhua | 2018-10-03

The 2018 edition of Africa Hotel Investment Forum opened in the Kenyan capital of Nairobi on Tuesday with policymakers, industry leaders and investors giving a positive outlook on the future of the travel and hospitality sector in the continent.

Kenya hosts the three-day forum that will help showcase investment opportunities in Africa's hospitality sector that has defied political and economic jitters to record positive growth.

Jonah Orumoi, CEO of Kenya's Tourism Finance Corporation (TFC), said investment in Africa's travel and hospitality sector has a potential for growth thanks to macroeconomic stability and rising purchasing power among the continent's millennials.

"Africa's hotel sector is adequately positioned to tap into new investments locally and overseas and this positive development should be sustained through enactment of friendly regulations and policies," Orumoi said.

More than 300 delegates are participating in the forum.

Besides showcasing emerging opportunities in Africa's hospitality sector, the forum will also feature high-level business-to-business networking and signing of new investment deals by major hotel brands keen to venture into Africa.

Orumoi said Africa is the next frontier for investments in high-end hotels thanks to rapid economic growth that has tripled incomes of the continent's urban middle classes.

"What is required to sustain investment flows into our tourism sector is continuous innovation and rebranding," said Orumoi. "This continent is on a growth trajectory that is an inspiration to investors in luxury hotels and suites."

Africa's hospitality sector presents ideal investment opportunities thanks to its resilience in the face of global economic volatility, political uncertainties, insecurity and natural calamities, he said.

Matthew Weihs, managing director of Bench Events, a co-organizer of the forum, said the world's second largest continent promises higher returns to global investors keen to venture into its rapidly evolving hospitality sector.

"It is critical for all stakeholders to raise awareness on investment opportunities in Africa's hotel industry that has a role to play in generating wealth and new jobs for the continent's youth," Weihs said.