Portuguese groups invest US$15.4 million in Sao Tome’s hotel sector

9 June 2006

Sao Tome, Sao Tome and Principe, 09 June – Portuguese companies plan to invest in 2006 some US$15.4 million in Sao Tome and Principe’s tourist sector, namely in hotels, official figures showed.

According to Sao Tome’s Ministry of Planning and Finance, Portugal’s Pestana group leads the list of investors with an investment of US$8.48 million in the construction of a hotel in the country’s capital, due to be concluded in 2008 at a total cost of US$17 million.

Portuguese construction company Soares da Costa plans to invest US$3.59 million on a project to build houses to let and providing tourism services.

Two otehr Portuguese companies, Mota Engil and Resort Praia Azul plan to invest US$2.63 million and US$506,000 respectively in building hotels.

There is also a private Sao Tome project to build a hotel called Hotel Residencial in 2006, at an estimated cost of US$200,000.

Forecasts for 2008 show that private investments in the hotel sector could reach US$27 million.

In order to re-launch the country’s tourism sector, the Sao Tome government invested US$5.97 million in 2005 in the public works, infrastructure and land planning sectors, as well as on a project to fight malaria, estimated to cost US$1 million per year. (macauhub)