Current developments indicate a significant increase in hotel investment inflows from hotel chains throughout Africa. Specifically, large multi-national players such as Hilton, Accor or Marriott have confirmed their interest in further investments and revealed specific plans for expansion on the continent. This paper comprises an explorative study to identify the status and attractiveness of the tourism sector, hotel properties and related investment markets in Angola. This paper collects and interprets a variety of tourism-and property market-driven primary data in order to gain a fundamental understanding of risks, the competitiveness and upside potential in a developing hospitality market with high orientation in the business tourism segment. The paper analyses the tourism fundamentals as well as the development pipeline of major hotel chains and elaborates typical regional hotel investment patterns. The overall finding is that, while well-known for business tourism within the Southern African Development Community, Angola’s hotel market is perceived in the context of high volatility and risk due to its dependency of the oil and gas sector, which will impact foreign visitor spending going forward.