IHG, Valor Hospitality Partners signs deal for African growth
IHG signed an agreement with Cape Town-based Valor Hospitality Partners Africa. According to the scope of this agreement; both companies will expect growth in Africa.
Based in IHG, Cape Town, Valor Hospitality Partners Africa has signed a main development agreement to offer more than one franchise hotel in the IHG brand portfolio over the next 10 years.
Thanks to the agreement, the hotels of the IHG brand will come to countries such as South Africa, Botswana, Mozambique, Mauritius, Ethiopia, Zambia and Kenya.
Valor Hospitality Partners Africa is a subsidiary of Valor Hospitality Partners Global, a company that manages its assets in many countries. IHG currently operates hotels in the United States and the United Kingdom in partnership with the Valor Hospitality Partners.
“Valor has been our long-term partner in America and the U.K. for many years and we are pleased to be building our network with an experienced, existing operating partner in new markets,” said Pascal Gauvin, managing director, India, Middle East and Africa, IHG. “This signing is in line with our growth ambition in the region and will add approximately 1,000 rooms to our portfolio [on] the African continent, primarily in the midscale segment and select hotels in upscale and luxury segments.”
The company currently has 26 open and operated hotels in eight of Africa. The hotel brand is expected to increase its presence to 40 percent in the next five years.
Sevdenur Demir / [email protected]