(MENAFN- The Rio Times) Hilton Hotels is entering Angola's market, partnering with Grupo Veleiro on a $150 million venture.
This initiative will transform the current Jango Veleiro Restaurant site in Luanda's Ilha into a 306-room hotel.
The project promises to create about 1,900 jobs, boosting Angola's economy. The construction phase is set for four years, with funding from international banks.
Besides the hotel, Hilton will manage the Fútila Sea Breeze condominium in Cabinda. This $65 million residential project features 11 buildings with 280 apartments.
This move concludes Hilton's long-term goal to penetrate the Angolan market.
Talks started in 2021 at an AmCham-Angola forum in Washington, D.C. Grupo Veleiro's Pedro Godinho initiated discussions with Hilton.
This collaboration marks a significant expansion for both Hilton and Grupo Veleiro in Angola's hospitality and residential sectors.
It reflects the growing global interest in Angola, signifying confidence in its development prospects.
Hilton's foray into Angola represents a blend of business growth and commitment to local job creation and economic upliftment.
Angola, traditionally oil-dependent, is diversifying its economy by attracting varied international investments.
Hilton's entrance is a testament to Angola's economic stability and potential, especially in tourism and hospitality.
Angola's economy has historically grappled with challenges due to oil dependency.
The arrival of brands like Hilton diversifies its economic activities, aligning with government efforts to attract foreign investment and lessen oil reliance.
Africa's Growing Middle Class
Hilton's Angola project illustrates the increasing allure of African markets to global hotel chains.
Africa's growing middle class, urbanization, and improved infrastructure are drawing international tourism and business investments.
Crucially, the project addresses Angola's unemployment issue by generating 1,900 jobs.
Hilton's investment significantly boosts the local job market, offering skill development and economic participation opportunities.
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