Kenya to Sell Seven Hotels to Single Investor

2nd March 2011 (Last Updated March 2nd, 2011 18:30)

Kenya is planning to sell seven of 11 for-sale hotels to a single investor. The Kenyan Government announced plans to sell its stakes in 11 hotels managed by Kenya Tourist Development Corporation, as part of its plan to divest state-owned assets to private investors. Followin

Kenya is planning to sell seven of 11 for-sale hotels to a single investor.

The Kenyan Government announced plans to sell its stakes in 11 hotels managed by Kenya Tourist Development Corporation, as part of its plan to divest state-owned assets to private investors.

Following the divestment, the hotels will be developed as a chain that will help the country raise its tourism credentials.

The divestment includes stakes in the InterContinental, Hilton hotels, the Ark, Golf Hotel, Kabarnet Hotel, Kenya Hotels Properties, Mountain Lodge, Mt Elgon Lodge and Sunset Hotel.

The sale of hotels forms part of the larger privatisation plan affecting 26 organisations, which the government is seeking to divest to raise KSH8bn ($102.7m).

The Kenyan Government is considering to invest KSH1.8bn ($22m) on the renovation of some of the hotels before they are put up for sale.