First Hilton hotel in Cape Verde to cost US$58 million

16 May 2013

Construction of the first Hilton Hotel on Sal Island, in Cape Verde, is due to begin in June and will cost 5 billion Cape Verdean escudos (US$58.3 million), and 2 billion escudos will be funded by Cape Verdean banks, said the Minister for Tourism, Industry and Energy.

After signing the loan convention between the banks and the Batuque company, for construction of the hotel, Minister Humberto Brito also said that the Hilton Hotel would start operating in 2015, and is important for Cape Verde as it will add to the quality tourism on offer in the archipelago and its recognition as an investment destination.

“The Hilton brand entering into the market will lead to other luxury brands seeking out the country as an investment destination,” said the minister cited by Cape Verdean news agency Inforpress.

The convention was signed by the following banks: Ecobank, Banco Interatlântico, Caixa Económica, Banco Espírito Santo and Banco Comercial do Atlântico (BCA). As BCA is Cape Verde’s biggest bank it provided a more significant portion of the loan.

The Hilton Hotels brand manages over 2,900 hotels in 76 countries and in Africa the group operates in Morocco, Algeria, Nigeria, Ethiopia, Kenya, Cameroon, and South Africa. (macauhub)