The Africa Hotel Investment Forum opens today in Kigali, convening stakeholders in the hospitality sector.

The three-day summit will be held at the Kigali Convention Centre.

The eighth edition of the summit will attract international hotel investors from across the world, local operators, public officials and industry experts to discuss opportunities across the continent.

This is the second Africa Hotel Investment Forum to be held in Kigali.

This year’s summit is expected to generate over $1.8 million in revenue.

According to an independent assessment by the international audit, tax and advisory firm, Grant Thornton, last year’s edition had a direct impact to Kigali of about $1.8 million.

The audit also established that the total GDP added to the city, including direct and indirect multiplier impact, was about $4.97 million.

The summit’s contribution to public revenue coffers was $292,184 and created and sustained an estimated 1,114 jobs.

Local hospitality industry experts project that this year’s summit is likely to surpass last year’s summit given the development in the local hospitality industry and improved service delivery.

During the summit, the African Hotel Report 2017, by Hotel Partners Africa, will be launched. The latest report shows that Rwandan hotel investment market has improved significantly over the last eight years.

For the first time, Rwanda has featured in the top 10 most valuable countries in Africa for hotels.

David Harper, one of the report’s authors, said the average growth in hotel was valued at 8.8 per cent over the last eight years with Rwanda experiencing the sixth highest growth on the continent over that period.

"That values have increased in 2017 despite the large influx of new supply in the last two years, which is testament to the confidence that investors have in the stability of the government and the overall investment climate,” he said.

Among the deliberations at the summit will be how the country can remain attractive to tourists from across the world to maintain a 10 per cent growth rate in revenues annually.

It will also present an opportunity for the sector to attract global brands and franchises into the local sector.

Last week, Global hotel franchise, Hilton Hotel, announced that they are entering the Rwandan market by taking over the management of Ubumwe Grand Hotel, joining other global brands in the market such as Radisson Blu, Park Inn, The Marriott, Serena Hotel and Golden Tulip.

The tourism sector is projected to fetch about $444 million (about Rwf370 billion) in 2017, up from $404 million last year.

editorial@newtimes.co.rw