Actis acquires East African hotels in all cash deal

Fairview Hotel, Nairobi Image Credit: City Lodge Hotel Group

Actis, the leading growth markets investor, is acquiring the East African hotel operations of JSE-listed City Lodge Hotel Group in an all-cash deal. The acquisitions are being made via two entities owned by Actis’s Africa Real Estate Fund III which is paying R142 million (or about $9.5 million)  for the four properties which are located in Kenya and Tanzania. City Lodge plans to use the proceeds to pay down debt.

Three of the four properties are located in Kenya’s capital city, Nairobi. They include the Fairview Hotel, a 127-room property, and the 84-room Town Lodge Upper Hill, both of which are close to the city’s Central Business District, as well as the 171-room City Lodge Hotel at the Two Rivers Mall. The fourth hotel, the 148-room City Lodge Hotel, is based in Dar es Salaam.

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