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Valor Hospitality Partners, a global full-service hospitality solutions provider, on Thursday announced the signing of two new hotel management contracts in Nigeria and Senegal representing an investment in excess of approximately R540 million in West Africa. The deals were signed at the Future Hospitality Summit (FHS) taking place in Cape Town this week.

The figure represents the combined capital expenditure for the development and establishment of the two new-build properties. Both deals are franchise agreements with IHG Hotels & Resorts, one of the world’s leading hospitality companies. The agreements are to manage the new Holiday Inn SD City in Dakar, Senegal and a new Crowne Plaza hotel in Lagos, Nigeria.

These signings are Valor’s debut in the very dynamic West African market, and join Valor's portfolio in Central, East and Southern Africa, and further strengthen Valor’s relationship with IHG globally.

Across the two properties, Valor will be responsible for the successful opening and operational management of each hotel.

“The hospitality sector on the continent is teeming with opportunity and represents an incredible frontier for the adoption of fully-integrated management services,” says Michael Pownall, Co-Founder and Managing Partner at Valor Hospitality Partners. “These signings speak to this reality and we’re excited to further expand our footprint across Africa, not only for its market potential but for the value we can bring in enhancing the sector for all stakeholders – from owners and developers, right down to the guest experience.” 

Beyond the monetary investment, these deals signify confidence in the region’s hospitality and the growing preference for leveraging fully-integrated management services, such as those offered by Valor, to ensure global best-in-class management and operational practices at every level, Valor said in a statement shared with Financial Nigeria.

Haitham Mattar, Managing Director, IMEA, IHG Hotels & Resorts, said: "Valor Hospitality is amongst our key strategic partners in the region and we’re pleased to extend the partnership further as we expand our footprint in high-potential African markets. We look forward to working with Valor in delivering world-class welcoming experiences for travellers, across our portfolio with them.”

Pownall added: “These new deals represent a significant entry into a new, key market – namely Senegal and Nigeria in West Africa. This expansion diversifies our regional presence and strengthens our market position.”