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Accor and Katara Hospitality set up $1 bln Africa-focused investment fund

AccorHotels, Europe’s biggest hotels group, and Qatar firm Katara Hospitality announced plans to set up a $1 billion investment fund targeting the hotels and hospitality sectors in sub-Saharan African countries.

PARIS, July 23 (Reuters) - AccorHotels, Europe’s biggest hotels group, and Qatar firm Katara Hospitality announced plans to set up a $1 billion investment fund targeting the hotels and hospitality sectors in sub-Saharan African countries.

The fund will amount to up to $500 million in equity, of which Katara Hospitality and AccorHotels will contribute respectively up to $350 million and $150 million over the next 5-7 years, with additional financing capacity reached through leverage and co-investments.

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