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Investment grade hotel assets on the continent are traditionally tightly held due to the dominance of owner operators, high net worth individuals and family offices.
Speaking at the Africa Hotel Investment Forum in Kigali, Rwanda, Xander Nijnens, Senior Vice-President, Hotels and Hospitality Group, JLL Sub-Saharan Africa, announced that Lux Island Resorts Limited has entered into an agreement to sell its Tamassa resort on the Indian Ocean Island of Mauritius for US$40 million.
Speaking at the Africa Hotel Investment Forum in Kigali, Rwanda, Xander Nijnens, Senior Vice-President, Hotels and Hospitality Group, JLL Sub-Saharan Africa, said: “Our medium-term outlook for the hotel sector is positive and JLL forecasts demand growth of 3% to 5% per annum during the coming three years.
The 273 room Park Inn Sandton hotel has been sold by way of Private Tender by JLL South Africa, realising a sale price of R265 million, 15% more than the vendor’s expectations.
JLL’s latest thought leadership research paper ‘Spotlight on Africa: Opportunity on the Horizon’ explores the investment potential of hotels in Africa, and notes a significant improvement over the past decade, though it is not without its challenges.