AfricInvest III LLC, a fund managed by AfricInvest Group has completed a EUR17.3mn equity investment in Azalaï Hotels SA, the holding company of one of the main Pan-African hospitality groups in the ECOWAS region with nine hotels representing a total capacity exceeding 1000 rooms.
“AfricInvest is partnering with Azalaï for the implementation of the group’s regional growth strategy, focusing on three main areas: (i) regional expansion, (ii) increased capacity, and (iii) upgrading the service”, said Hichem Ghanmi, a partner with AfricInvest.
Azalaï Group hopes to reach a total capacity in excess of 1,600 rooms through the extension and upgrade of the existing hotels, as well as the accelerated opening of new hotels in West Africa (Conakry, Dakar, Lomé and Niamey). AfricInvest is assisting Azalaï on its expansion strategy in compliance with international environmental and social regulatory standards.
“Beyond the impact of AfricInvest’s financial support, we expect that Azalaï’s footprint in the hospitality industry will benefit from our partnership” said Cheikh Souleymane Diallo, Senior Manager with AfricInvest.
“Azalaï is expected to benefit from AfricInvest’s network in identifying growth opportunities as well as using its internal and external expertise to bring added value to the group. We hope that this transaction will mark the beginning of a fruitful and a solid partnership between the two respected African groups. The ambition of Azalaï Group and the consistency of the investment plan for the next five years mark our determination to support the hospitality industry in the region” said Mr. Mossadeck Bally, the Chairman of Azalaï Group and main shareholder”. Source: AVCA