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Up to 80% of hotels in Accra’s commercial real estate development pipeline on hold

Up to 80% of hotels in Accra’s commercial real estate development pipeline on hold

While it seems that the total stock of internationally branded hotels in Accra is set to almost double, only 14% of the pipeline projects are actively under construction as many have been stalled due to the impact of the pandemic and currency devaluation according to the Accra Development Pipeline Report by Pan-African real estate data company, Estate Intel.

Trevor Ward- MD W Hospitality Group who Estate Intel spoke to explained, “For 2021 year end, Accra was 40% down on Revenue Per Available Room (RevPAR) compared to 2019, which is not bad compared to Nairobi (50% down) and Johannesburg (65% down in Sandton) While, the market is currently oversupplied, it can be temporary if the oil sector picks up pace, and if there are new government initiatives to encourage tourism, just like it was done in the ‘year of return’ in 2019. Read more on….newsghana

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