JA Solar International Ltd
Metalgalante S.p.A.
MSC Mediterranean Shipping Company
CAF Data Centre Industry Outlook
Car Mix

twitter Facebook Linkedin acp Contact Us

South African hotel chain to invest US$100 million in Nigeria and Mozambique properties

Nigeria and Mozambique are seeing huge investments in hospitality industry due to a flourishing business sector in the two countries. (Image source: Villain Media, LLC/Flickr)

South African hotel chain Tsogo Sun Group has announced plans to invest US$100mn in two hotels in Nigeria and Mozambique

The group will pay US$70mn to acquire approximately 75 per cent stake in Ikoyi Hotels, the holding company of the Southern Sun Ikoyi Hotel in Lagos.

A statement from Tsogo Sun Group said that the hotel chain would also spend US$30mn to expand its 195-suites Southern Sun Maputo hotel in Mozambique.

The acquisition will, however, be subject to several conditions, including regulatory approvals.

Tsogo Sun CEO Marcel Von Aulock, said, “This acquisition will cement our presence within the fast-growing Nigerian economy as well as provide a base from which to expand our operations in Nigeria.

“The investments, totalling US$100mn, will be funded through a combination of existing offshore cash and new US-based borrowing facilities.

“The Mozambican economy has shown encouraging signs of growth in recent years, and Tsogo Sun has benefited from a strong trading performance at the Southern Sun Maputo,” Von Aulock added.

African Review

Most Read

Bobcat has included additional features to enhance the visibility around the machines. (Image source: Bobcat)

Paltech stated the new collaboration solidifies its position as a leading provider of advanced valve solutions in South Africa and beyond. (Image source: 2Roads)

Dietmar Siersdorfer speaking at Africa Energy Forum in Barcelona. (Image source: Siemens Energy)

The new data centre is ‘EcoStruxure-ready’, with components of the installed EcoStruxure for Data Centers platform solution. (Image source: Schneider Electric)

The project has a total of 210 planned connections. (Image source: ECOWAS)

The webinar explored whether established solutions can effectively tackle the mounting challenges tied to the management of concrete surfaces. (Image source: Adobe Stock)

Spiro will draw from its experience in Kenya, Benin, Togo, Rwanda and Nigeria as it launched in Uganda. (Image source: Spiro)

Ghana’s President, Nana Addo Dankwa Akufo-Addo, speaking at the launch. (Image source: Office of the President, Republic of Ghana)

According to IRENA, concrete policy actions and massive mobilisation of finance at full speed is required in order to meet the 2030 target. (Image source: Adobe Stock)

The signing ceremony was held in Freetown. (Image source: Infinity Power)

The webinar will gather industry experts to discuss the growing role of technology in rail, road and transit operations. (Image source: Alain Charles Publishing)

The plant will be built and operated in partnership with Pele Green Energy. (Image source: Adobe Stock)

5G technology deployment will take place later this year. (Image source: Adobe Stock)

The generator set fitted with a Perkins 1103 is providing vital backup power at the St Patrick School in Uganda. (Image source: Perkins)

d.light has a proven track record in the use of securitised finance to support its solar-powered household products in sub-Saharan Africa. (Image source: d.light)

Latest news

The project sought to address the high accident rate at the old Breidbach intersection and the traffic congestion. (Image source: SANRAL)

The signing ceremony was held in Freetown. (Image source: Infinity Power)

The plant will be built and operated in partnership with Pele Green Energy. (Image source: Adobe Stock)

The project has a total of 210 planned connections. (Image source: ECOWAS)

The AfDB board complemented Transnet for progress made in rolling out its compliance and governance improvement programme. (Image source: AfDB)

The new data centre is ‘EcoStruxure-ready’, with components of the installed EcoStruxure for Data Centers platform solution. (Image source: Schneider Electric)

d.light has a proven track record in the use of securitised finance to support its solar-powered household products in sub-Saharan Africa. (Image source: d.light)

Ghana’s President, Nana Addo Dankwa Akufo-Addo, speaking at the launch. (Image source: Office of the President, Republic of Ghana)

Dietmar Siersdorfer speaking at Africa Energy Forum in Barcelona. (Image source: Siemens Energy)

The generator set fitted with a Perkins 1103 is providing vital backup power at the St Patrick School in Uganda. (Image source: Perkins)

5G technology deployment will take place later this year. (Image source: Adobe Stock)

Spiro will draw from its experience in Kenya, Benin, Togo, Rwanda and Nigeria as it launched in Uganda. (Image source: Spiro)

According to IRENA, concrete policy actions and massive mobilisation of finance at full speed is required in order to meet the 2030 target. (Image source: Adobe Stock)

The distributor will hold specialised training and empowerment sessions to enable its channel network to effectively deliver Vertiv’s portfolio, as well as managing inventory to serve the market. (Image source: Vertiv)

The HQ is expected to be completed and handed over by February 2025. (Image source: ECOWAS)

Genset BuyersGuide
Construction Buyers Guide