Rezidor SAS Signs Financial Joint Venture with Nordic Government Funds for Faster Growth in Africa

Rezidor SAS Hospitality has signed a 35 million Euro 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 its Radisson SAS and Park Inn brands. The company expects to have 20 hotels in operation in the foreseeable future, and is targeting over 50 hotels in the next five years.

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 said, “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 shows great confidence in Rezidor SAS.”

Sven Riskær, Managing Director of IFU added, “Enhanced growth and development in Africa is a top priority for IFU and the other Nordic development finance institutions, and in this context the creation of a strong infrastructure, including well-functioning hotels is of paramount importance. IFU hence welcomes SAS Rezidor’s strategic decision to become a competent and committed hotel operator in African countries. It is a pleasure that the solid platform for cooperation already created in our Russian Joint Venture can be used to develop a new and similar strong partnership for developmental investments in Africa.”

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