AfricInvest III, a fund managed by AfricInvest Group has completed a €17.3m equity investment in Azalaï Hotels, the holding company of one of the main Pan-African hospitality groups in the ECOWAS region.
Hichem Ghanmi, Partner at AfricInvest, said: “AfricInvest is partnering with Azalaï for the implementation of the group’s regional growth strategy, focusing on three main areas: regional expansion, increased capacity, and upgrading the service.”
Azalaï Hotels is the holding company of Azalaï, a Malian Group that was created in 1994 by Mossadeck Bally and represents one of the main African hotel chains with nine hotels in operation with a total capacity exceeding 1,000 rooms.
The Group hopes to reach a total capacity in excess of 1,600 rooms through the extension and upgrade of the existing hotels, as well as the accelerated opening of new hotels in West Africa (Conakry, Dakar, Lomé and Niamey).
AfricInvest is assisting Azalaï on its expansion strategy in compliance with international environmental and social regulatory standards.
“Beyond the impact of AfricInvest’s financial support, we expect that Azalaï’s footprint in the hospitality industry will benefit from our partnership” said Cheikh Souleymane Diallo, Senior Manager at AfricInvest.
Mossadeck Bally, Chairman of Azalaï Group and main shareholder, said that Azalaï is expected to benefit from AfricInvest’s network in identifying growth opportunities as well as using its internal and external expertise to bring added value to the group.
“We hope that this transaction will mark the beginning of a fruitful and a solid partnership between the two respected African groups. The ambition of Azalaï Group and the consistency of the investment plan for the next five years mark our determination to support the hospitality industry in the region,” he said.