Region: Sub-Saharan Africa
Country: Sierra Leone
Keywords: Knowledge Lab, Tourism
Document(s):
- Sierra Leone: Cape Sierra Hotel854.05 KB
Document Summary:
Brief on IFC's PPP advisory support to the National Social Security and Insurance Trust (NAASIT) to implement a concession to develop Cape Sierra into a 200-room hotel.
Document Details:
Sierra Leone has been struggling to recover from a devastating civil war in the 1990s. One promising sector—tourism—has been held back by an acute shortage of quality hotels in the capital, Freetown. To address this problem, the government hired IFC as lead advisor for a public-private partnership to attract an international hotel operator to redevelop and operate the Cape Sierra Hotel.
In August 2010, International Development Enterprise Associates [UK] Ltd. (IDEA), in a consortium with Hilton Worldwide, won a competitive bid for a 25-year conces- sion to redevelop the 200-room hotel. It will share 6.5 percent of annual revenues with Sierra Leone’s National Social Security and Insurance Trust (NASSIT), which
holds a long-term lease to the property. The project is expected to cost around $40 million, will employ 400 people, and attract 40,000 guests per year. It will signifi- cantly improve the attractiveness of Freetown as a tourist destination and encourage more business travel to Sierra Leone.
Updated: June 28, 2022