Africa -
Ivory Coast - Abidjan
Western Africa. International and regional investors are interested in the country due to high economic performance. After a few years of social unrest and uncertainty, the country is experiencing a fast recovery, supported by the oil, financial and tourism industries. The return of the African Development Bank headquarters has brought back investor confidence and an interest from international companies. The economy is boosted by business tourism and conferences that are hosted in Abidjan. Cote d’Ivoire is a prime destination for foreign direct investment and had a strong GDP growth of 8.4% in 2016.
The Ivorian government is promoting regional development as well as tourism to the international markets building a resilient economy. There is potential in the country which benefits from diversified tourism, corporate travellers come in numbers for oil and finance and Abidjan has quality MICE infrastructures such as the Abidjan Conference Centre.
Occupancy rates increased in 2016 to 76.1% thanks to business tourists visiting the country. A significant amount of new supply and refurbishments of existing meeting rooms and conference centres are expected to happen. RevPAR and hotel values decreased by 0.8% in 2016. Internationally- branded properties are now seeing opportunities in Abidjan and are now planning on opening new hotels and African brands such as Mangalis Hotel are expected to open in Abidjan in the near future.
ADR, Demand, Occupancy, RevPAR, and Supply Projections:
|
2017
|
| ADR Change
|
-2.9%
|
| Market Demand Change
|
-0.1%
|
| Hotel Occupancy Increase/Decrease
|
-0.1%
|
| RevPAR Change
|
-3.0%
|
| Market Supply Growth
|
Exchange Rate:
|
Exchange Rate
2015
|
Exchange Rate
2016
|
Change
2015/2016
|
Exchange Rate
2017
|
Change
2016/2017
|
|
US$
|
1
|
1
|
|
1
|
|
|
Ivory Coast - Abidjan
|
1.12087
|
1.12087
|
0.0%
|
1.12087
|
0.0%
|
Change In Value For Market:
Legend
| Significant Value Increase:
|
Greater than +10%
|
| Moderate Value Increase:
|
Between +3% and +10%
|
| Stable Values:
|
Between -3% and +3%
|
| Moderate Value Decline:
|
Between -3% and -10%
|
| Significant Value Decline:
|
Less than -10%
|
Ivory Coast - Abidjan RevPAR Change
Ivory Coast - Abidjan RevPAR
| Year |
RevPAR |
| 2014 |
61.44
|
| 2015 |
67.59
|
| 2016 |
68.15
|
| 2017 (f) |
66.10
|
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