TAKORADI | Protea Hotel | U/C

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Protea Hotel Group, Africa's largest hotel manager with 126 hotels in 13 countries, has cut a sod for the construction of a multibillion dollar Protea Select Hotel in Takoradi in the Western Region.

According to management of the Group, in keeping with the rapidly changing environment and as a reflection on Takoradi's new status, Protea Select Hotel is opening their first hotel in Ghana in the oil city.



The hotel will be located on over 2 acres of land at Axim Road, Dixcove Hill, Takoradi South Layout. This 4-Star Hotel has 136 rooms. In addition, the hotel is designed to include 12 two bedroom short stay apartments in three blocks behind the main building, which can be converted into suites or regular hotel rooms based on demand.

The Executive Director, Mohinani Group, Mr. Ashok Mohinani said the hotel is populated with a host of features which cover meeting/conferencing facilities (over 2 levels); a business centre, restaurant and recreational facilities include a sports centre with gymnasium, dressing rooms, showers, swimming pool, among others.

In addition, the hotel also has an outdoor fire-pit for events. Protea Hotel will be one of the first internationally branded hotels in the Western Region, he stressed.



A growing economy, eliciting a substantial increase in foreign investors and travelers, has created a strong and growing demand for hotel rooms with conferencing facilities in Takoradi. Protea aspires to be the preferred destination for corporate travelers to Takoradi with a property based at an ideal location, coupled with a high quality finish and high standards in management.

Proximity to the Takoradi Airport, golf course, beach, as well as easy access from urban and national expressways is another draw for international and regional visitors with business in the Takoradi/Sekondi area.



The construction contract was executed on 17 November 2011. The duration of the contract is 18 months. Structural, Mechanical & Electrical and Cost Management Consultants for the project will be WSP Consulting Engineers Ltd, a subsidiary of WSP Group Africa. Most of the key contractors will be from within Ghana.

The hotel project is being sponsored by Capital Alliance Property Investment Company (CAPIC). CAPIC is a $165 million real estate Fund promoted by African Capital Alliance (ACA) to invest in the acquisition, development and financing of residential, commercial and hospitality real estate projects in West Africa.

Founded in 1997, ACA is a leading private equity firm focused on Nigeria and West Africa, with a mission to build Africa's premier private equity investment firm by mobilizing capital, technology and management resources from local and international sources to unlock Africa's private sector potential.


CAPIC's investment thrust is residential, office, retail (shopping malls) and hospitality property. CAPIC in collaboration with Protea Hotels of South Africa is developing a chain of Protea Hotels, located across West Africa.

CAPIC has partnered with the Mohinani Group to form a real estate development company, Alliance Estates Limited, with the mandate to develop quality real estate products in Ghana.

This hotel is but the first stepping stone in this partnership and both CAPIC & the Mohinani Group are looking forward to setting up more properties in Ghana and other places in West Africa.

The Mohinani Group (formerly known as the Poly Group), the owners of the Protea Select Hotel has a track record of real estate development in Accra.

The Group which is headquartered in Accra, Ghana has facilities across the West African sub-region. It was founded in 1966.

Source: AllAfrica

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News:

IFC invests $5.5m in hotel project in Ghana
http://www.ghanabusinessnews.com/ifc...ject-in-ghana/

The International Finance Corporation (IFC) a member of the World Bank Group says it is providing a loan of $5.45 million to Alliance Estates Limited, to build the first Protea Hotel in Takoradi, Ghana. Takoradi is in the Western region of Ghana where oil is being produced.

According to the IFC, the 132-room three star hotel “will help meet demand for business infrastructure as more investors are venturing into the oil producing region of Takoradi.”

The hotel will also catalyze local employment by hiring and training 130 new staff, of whom about half are expected to be women, it says, adding that Alliance Estates Limited is owned by the Mohinani Group and Capital Alliance Property Investment Company (CAPIC).