#Kenya government tries afresh to sell shares in hotels

#NAIROBIHILTON AND #NAIROBIINTERCONTINENTAL – GOVERNMENT AGAIN ATTEMPTS TO SELL SHARES

(Posted 29th June 2018)

Information was received from Nairobi that the Kenyan government is once again attempting to sell of shares in hotel companies, they have in the past held through the Kenya Tourist Development Corporation and more recently through the Tourism Finance Corporation.

Hotels in question are the Nairobi Hilton, which due to the pending issues surrounding the first right of refusal in the share sale missed out on long overdue room refurbishments as the other shareholders, faced with the double bill to buy the shares and then spend a fortune on a full overhaul of the rooms, have failed so far to reach any agreement.
Other hotels are the Intercontinental Nairobi, which notably kept up regular refurbishment cycles, the Serena Mountain Lodge, the Sunset Hotel in Kisumu but also among others Kenya Safari Lodges and Hotels, which include the Mombasa Beach Hotel, Voi Safari Lodge and Ngulia Safari Lodge.
The latter’s Mombasa Beach Hotel, with Victor Shitaka at the helm, is undergoing refurbishment probably to put a new shine on and make the property more attractive for future investors.

Prerequisite approvals have been in place for several years already but election cycles and other issues preoccupying the Kenyan government prevented any of the negotiations from being successfully concluded.

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