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Hyatt and five new brand hotels are expected to hit the Ethiopian hospitality sector. The hotels currently are in the process of making deals to set up a hotel in Addis Ababa.
Hyatt Hotels Corporation is an American international company and operator of hotels. The Hyatt Corporation came into being upon purchase of the Hyatt House, at Los Angeles International Airport, on September 27, 1957. In 2014, Fortune magazine listed Hyatt as the 95th-best U.S. company to work for.
During a press conference held at the Sheraton Hotel on Tuesday, February 3 regarding the African Hotel Investment Forum that is set to kick off on September 30, 2015, it was stated that there is still a huge need for investment in the hospitality sector.
Fitsum Arega, Director General of the Ethiopian Investment Commission during the event said that the sector needs a lot of investment. “Tourism has contributed to the growth of other African countries. The Investment Commission is working on providing improved incentives to those investing in tourism and hospitality sectors. There is a lot of opportunity in terms of local and international tourism and the infrastructure in the country has grown and continues to grow, but there is still a huge shortage when it comes to hotels,”he said..
He also stated that there is a big gap that needs to be filled in the sector, especially when it comes to hotel investment areas located outside of Addis Ababa.
“During last week’s AU summit, there were many interested investors that wanted to come and take the opportunities, but lack of accommodation forced them to cancel their trip as the hotel’s were fully booked by the summit attendees. We need to have more standard hotels,” Fitsum said.
Among the incentive the Commission is looking into is said to be access to land. “We have been looking into the incentives that we have been providing and we are working on more incentives such as the allocation of land in the different touristic areas in the country,” Fitsum said.
The African Hotel Investment Forum was held for the first time in Ethiopia in September 2014. The event organized by Bench events was hailed successful as it saw the highest local participants yet. Last year’s event also saw several hotel management deals concluding successfully. Among those are Marriott, Wyndham and Intercontinental Hotels.