Joint Nordic financing for hotels in Africa
15/06/2005
Rezidor SAS is expanding hospitality operations into sub-Saharan Africa. The investment totals 35 million euros and it is financed by the Nordic development finance institutions.
Rezidor SAS is expanding hospitality operations into sub-Saharan Africa under its Radisson SAS and Park Inn brands. The investment totals 35 million euros and it is financed by the Nordic development finance institutions IFU (Denmark), Norfund (Norway), Swedfund (Sweden), Finnfund and Rezidor SAS.
New hotels in the world’s poorest area
The initial target countries include Nigeria, Rwanda, Ghana, Cameroon and Equatorial Guinea. There is a shortage of international-standard hotels in the area. Some hotels will be created as greenfield projects, others by renovating existing hotels. Employees will be trained to work in accordance with Rezidor SAS values and practices. The company has a Responsible Business programme, dedicated to respecting social and ethical issues and reducing negative environmental impact.
The hotel project constitutes an investment in basic infrastructure, which will promote foreign trade and foreign investment in the target countries. Rezidor SAS is planning to establish 20 hotels in Africa in the near future.
A continuing partnership
Kurt Ritter, President and CEO of Rezidor SAS, appreciates the confidence shown by Nordic development finance institutions in his company. IFU, Swedfund and Finnfund have previously financed a Rezidor SAS hotel project in Russia.
“Africa is fast becoming recognised as a key area of growth within the leisure and business travel sectors. I believe that the strategic positioning of our properties in these key areas of the Continent will enhance the reputation of Rezidor SAS not only as one of the fastest growing hospitality groups in the world but also as the leading chain in pre-empting and responding to the needs of today’s traveller,” he said.
“Rezidor SAS is an accomplished and committed partner in hotel operations,” said Finnfund’s managing director Jaakko Kangasniemi. “We have good experience of cooperation with the company in hotel projects, at Tallinn’s Radisson SAS, in Russia and now in Africa.”
For further information please contact Thomas Schmidt, tel. +358 9 3484 3327, email firstname.lastname@finnfund.fi
