16 hotels in Kenya are projected to be constructed in the next five years the most recent PwC report which focuses on hotels in Kenya, Tanzania, Mauritius, Nigeria and South Africa has revealed.
The report further indicates that Kenya’s vigorous economic growth will play a very important role in attracting new hotel developers and business travelers as well as domestic and foreign tourists.
“Kenya’s economic growth trend is currently robust and the planned hotel investment is definitely a sign of confidence in the country’s growth trajectory, with the rising middle class, urbanization, devolution which kicked on well and position as a regional hub for multinational businesses,” the report says.
The development will then add 2,900 rooms and expand the hotel capacity in Kenya by 14 percent. Some international hotel companies have already expressed interest to the Kenyan market and they include Marriott, Ramada, Hilton Garden Inn, Mövenpick Hotel and Four Points by Sheraton.
PwC Hotel Outlook 2016-2020 report also projects that the number of available rooms will increase from 18,100 in 2015 to 20,700 in 2020; this equally represents a 2.7 percent compound annual increase, also, stay unit nights will total an estimated 3.7 million in 2020, a 1.1 percent compound annual increase from 3.5 million in 2015.
This news comes at a time when Kenya’s position as a preferred destination for investment has gone high and attracted many investors mainly due to its construction industry, access to the port of Mombasa, skilled workforce among other things.
The PwC Hotels outlook 2016-2020 demonstrates profound knowledge of the hotel market and is a powerful tool for understanding critical business issues. To learn more about the challenges and opportunities that lie ahead for the hotels industry in the countries covered by the Hotels outlook, please visit www.pwc.co.za/hospitality-and-leisure
