Bouygues, Movenpick to invest 55 million euros in luxury hotel in Abidjan

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(Reuters) – French company Bouygues and Swiss group Movenpick will team up with Ivorian firm Saprim to invest 55 million euros ($61.56 million) on a luxury hotel in Ivory Coast’s commercial capital, the firms said on Monday.

Work on the new five-star hotel will begin in the next six months and is expected to be ready within 30 months, or by the end of 2018, according to a statement by the three companies.

“The cost of the hotel is around 55 million euros of which most will be financed by Saprim and Bouygues,” said Jean-Gabriel Peres, chief executive officer of Movenpick hotels and resorts.

Four years after the end of a civil war, economic powerhouse Ivory Coast’s coastal city of Abidjan is booming and its hotels are often fully-booked.

The hotel and tourism sector currently accounts for 4.8 percent of Ivorian GDP versus 0.6 percent in 2011.

(By Ange Aboa, Reuters)

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