Africa -  Cote d-Ivoire - Abidjan

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HVS In-Depth Africa Hotel Valuation Index:   2021 | 2016 | 2015 | 2014

Cote d’Ivoire is still one of the economically fastest growing countries in Africa. Its GDP grew by 7.4% last year, according to the World Bank. In addition, inflation was low at an estimated 0.5% last year. As part of the 2016-2020 National Development Plan the government has made strides in implementing reforms in electricity coverage and capacity, local processing and development of value chains in agriculture, and quality of and access to basic education and health services. Which in turn has improved the quality of living for locals, the ease to develop tourism infrastructure and confidence of investors in the country.

Tourism remains one of the government’s top priorities. In April this year the Minister of Tourism Siandou Fofana presented a tourism strategy plan to the African Development Bank aimed at investing US$5.8bn in nine new projects to make Cote d’Ivoire Africa’s fifth biggest tourism destination from 2025 onward. Although 2018 was a slow year for Abidjan due to a slowdown in corporate activity in West Africa, the capital has a positive outlook for the next few years.

‘Abidjan Business City’ will form part of the new projects with a big convention centre as well as a 100ha leisure park. Amongst many other goals the projects intend to attract four to five million tourists each year by 2025, said the minister. Most of them will come through Félix Houphouët Boigny International Airport in Abidjan as it absorbs 90% of all air traffic, according to the state. How serious the government is taking tourism as one of their priorities is visible in the opinion of passengers  as the International Airport was awarded with the Airport Service Quality Awards in the category “Most improved” on the African continent by Airports Council International World in March 2019.

The government has been targeting the addition of 5,000 new or renovated rooms to the total supply by 2020. Accorhotels is planning to open the Abidjan Movenpick Hotel with 160 rooms in September 2020; a Novotel Abidjan VGE with 201 rooms in September 2021 and an 

Adagio Abidjan VGE with 110 keys at the beginning of 2021. The Radisson Group will open the Radisson Hotel & Apartments Abidjan Plateau with 152 rooms in 2022 and a second Radisson RED in Africa with 165 rooms in 2021.

Hotels’ performance in Abidjan is expected to improve in the near future although a significant increase in supply in 2021 may prevent hoteliers from boosting occupancy, resulting in lower REVPAR. This will result in an increase in values of 7% in 2019, proving the potential of the Ivorian capital to grow.

The widespread impact of the coronavirus (COVID-19) has had an unprecedented impact on hotels and hotel values worldwide. Consequently, the latest HVI analysis may no longer reflect the most current measure of lodging industry strength or the hospitality investment market.

In each of our offices across the globe, we are working tirelessly to analyze the impact of recent events and provide timely insights to help you navigate these uncharted waters. Because it is unclear how long the pandemic will last or how long related restrictions will be in place, we are updating our analyses on a weekly basis using the most current data.

Additionally, examination of value trends in prior cycles can provide useful information. Historical patterns, together with an understanding of the market’s current expectations for the eventual recovery of the industry and its performance, can provide insights on the likely trajectory of decline and recovery for hotel values.

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Rishabh Thapar, MRICS
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