Africa -  Togo - Lome

Togo’s economy has slowed to a 5% GDP growth in 2016 which is expected to stay the same in 2017 according to the World Bank. Reasons for slowed down growth are lower government investment and a decline in maritime traffic.

Although Lomé has the only deep-sea port in Western Africa, a reinforcement of the regulation inhibits the amount of imports and exports to the country and its neighbours directly. However, the government spent aside 150 million US$ to modernise and expand Gnassingbé Eyadema International Airport in Lomé, which was inaugurated by President Faure Gnassingbé in April 2016. The airport is now able to deal with 2.5 million passengers per annum and handle the biggest passenger aircrafts in the world, which is the best condition to attract more airline companies. Although Lomé has a limited supply of quality hotels, International and African brands increasingly show interest in the Togolese market. Carlson Rezidor opened a new Radisson Blu with 320 rooms in 2016 and immediately hosted the African Investment Forum in West Africa in Lomé, creating a lot of publicity in the hospitality industry in West Africa. Onomo Hotels and Olodge also built establishments that opened last year and a Pefaco Hotel is scheduled to open its doors in 2018. The opening of this quality supply had a significant impact on hotels’ performance. While occupancy levels dropped by 3.7% the average rate increased by 5.5% leading to a slight decline in RevPAR of 0.8%. The numbers are expected to improve in 2017 resulting in a RevPAR growth of 5.5% driven by increased corporate activity in the capital.

Lomé’s popularity does not end there: A new development, WellCity, in the outskirts of Lomé is developed by Derou and Partners Group, a Togolese based company. The “City of Well-Being” is supposed to include over 1,500 hotel rooms as well as conference, commercial and recreational facilities to cater for the Togolese middle class and the environmentally conscious.

Exchange Rate:

Exchange Rate 2015 Exchange Rate 2016 Change 2015/2016 Exchange Rate 2017 Change 2016/2017
US$ 1 1 1
Togo - Lome 0.01827 0.01827 0.0% 0.01827 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%

Togo - Lome RevPAR Change

Togo - Lome RevPAR

Year RevPAR
2012 46.98
2013 47.88
2014 49.84
2015 58.90
2016 58.43
2017 (f) 61.64

For more information, please contact:

Tim Smith, MRICS
tsmith@hvs.com
  • +27 797 342296 (w)
Laura Dutrieux
ldutrieux@hvs.com
Sofie Otto
sotto@hvs.com