UK firm turns to oil-rich Angola for hotel development

GoldenPeaks Capital Holdings, a UK-based investment firm, is seeing green in oil-rich Angola. It has signed a contract to spend $1.2 billion toward the construction of 170 hotels in the southern African nation, which reportedly also has one of the most expensive hotel room rates in all of Africa.

GoldenPeaks, in partnership with Banco de Poupança e Crédito (BPC) and the Angola Business Corporation (ABC), plans to build two- and three-star hotels in 18 provinces of Angola over the next three years, reports AFK Insider.

In the first phase this year, the investment firm said it will build 40 hotels at an estimated cost of $285 million. It plans to build another 40 in 2016 at a similar coat and 90 more at 693 million in 2017.

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The hotels, each of which will have 50 rooms, will be designed by the Lisbon-based architect Capinha Lopes.

The minister of Hotels and Tourism, Pedro Mutindi, who signed the building permit for construction of the hotels, said the project was “a renewal of hope,” noting that the 170 hotel units will increase supply and provide accommodation for both domestic and foreign tourists.

There was no discussion on whether the hotels will be branded, or by whom, but added suppply like this should have branded hotel companies positioning for a piece of the action.