Pullman Abidjan and the Pullman Dakar

Office: Horwath HTL France

Project Overview: Accor Hotel Invest required the valuation of two of their 5-star Pullman hotels in Western Africa: the Pullman Dakar Taranga (Senegal) and the Pullman Hotel Abidjan (Ivory Coast). Horwath HTL France was commissioned to undertake the valuation of these 230-key (in Dakar) and 208-key (in Abidjan) hotels before renovations.

Horwath HTL Solution: Horwath HTL undertook two asset valuations that included a new valuation of the existing hotels and the NPV deriving from the impact of major renovation plans.

Horwath HTL carried out a review of both hotel units, highlighting strengths and weaknesses, examined the market conditions in depth and used a competitive set analysis of remarkable and similar offerings in Dakar and Abidjan. Before proceeding to the evaluation, a critical analysis of the proposed positioning and capacity were produced and the supply and demand data as well as the pricing for both entities were projected. The valuation was challenging because we had to include a separation between “bricks and mortar” and operating cash flows.

Implementation: The hotel valuations were completed in 2014 and the renovation projects have been validated with regards to the creation of value anticipated from the renovation programs.

Contact for project: Philippe Doizelet