HVS’s move into South Africa comes as a result of growing interest from hotel investors across the African continent.
HVS London director Tim Smith will head up the new venture undertaking valuations, feasibility studies, operator selection services as well as a broad range of hotel consultancy work.
Said Smith: “Our work in sub-saharan South Africa has been increasing over the past few years, so it makes sense to have a dedicated office from which our operations can be based.
“The African continent is one of fastest growing emerging markets in the world with rapidly evolving economies and developing local wealth. There is a real demand from potential hotel investors for local knowledge and being based here will enable us to work more closely with those organisations looking to expand throughout Africa.”
Stephen Rushmore JR. President and CEO of HVS added: “We are extremely excited about the opening of our latest office and first in Africa. Given the success of our other offices in emerging markets, and the rapid growth in offices in India and China we believe now is the perfect time to expand the HVS brand into Africa.”
Next week Tim Smith will be chairing a session on the opportunities for investment in Africa at the high profile Africa Hotel Investment Forum in Addis Ababa [29 Sept-1 Oct]. He will lead a panel in a discussion on the extent of demand for mid-market hotels and extended stay hotels and the facilities they need in order to attract business travellers, one of the key drivers for successful and sustainable growth of the hotel market.
Last month HVS released its first African Hotel Valuation Index, which revealed hotel rooms in the Seychelles have the highest value per room (US$522,000) while those in the Nigerian capital of Abuja have seen amongst the biggest rise in value, from US$450,200 in 2012 to US$492,000 in 2013.