AfricInvest, the pan-African midcap private equity firm, is investing $18 million in Azalaï Hotels, the holding company of one of the ECOWAS region’s main pan-African hospitality groups. The investment is being made through AfricInvest III, Additional terms of the deal were not disclosed.
The capital will be used to support the group’s expansion plans. Currently, the group operates 9 hotels with a capacity in excess of 1,000 rooms which it hopes to increase to 1,600 by 2020 by both extending and upgrading its current portfolio of hotels as well as accelerating the opening of new hotels in Conakry, Dakar, Lomé and Niamey. In addition to the financial support, it’s expected that AfricInvest will help Azalaï execute its expansion strategy in compliance with international environmental and social regulatory standards
Azalaï was rounded in 1994 by Mossaceck Bally, who remains the Chairman and largest shareholder in the hotels group.