Rezidor SAS Signs Financial Joint Venture with Nordic
Government Funds for Faster Growth in Africa
BRUSSELS, EU, July 18, 2005. Rezidor SAS Hospitality, the Brussels-based multi-brand hospitality company, has signed a 35 million EUR (approx. $41.8 million U.S.) financial joint venture agreement with four nordic government funds (IFU of Denmark, Finnfund of Finland, Norfund of Norway and Swedfund of Sweden) to expand its presence in Africa.
Through individual projects and portfolio deals, Rezidor SAS has ambitious expansion plans for Africa, primarily under the Radisson SAS and Park Inn hotel brands. The company expects to open over 50 hotels in the next five years. The joint venture will accelerate growth in Africa by providing development financing to hotel projects, which in turn would help promote local infrastructure for both business and tourism.
Currently Rezidor SAS operates two properties in Cape Town, the Radisson Waterfront Hotel and the Park Inn Greenmarket Square, with the Radisson SAS Lagos and the Radisson SAS Resort Djerba due to open in early 2006. The group is currently also pursuing several projects in countries including South Africa, Botswana, Zimbabwe, Zambia, Malawi, Kenya, Nigeria, Ghana, Senegal, D.R. of Congo, and Morocco.
Kurt Ritter, president & CEO of Rezidor SAS comments, "Having established a relationship with the IFU, Swedfund and Finnfund under our joint venture in Russia, the extended partnership for Africa along with the additional support of Norfund is evidence of the great confidence in Rezidor SAS."
Ritter continues, "Africa is fast becoming recognized as a key area of growth within the leisure and business travel sectors. I believe that the strategic positioning of our properties in these key areas of the continent will enhance the reputation of Rezidor SAS not only as one of the fastest growing hospitality groups in the world but also as the leading hotel chain in responding to the needs of today's traveler."
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