Following the acquisition of Kigali’s Umubano Hotel last month, Kasada Capital Management‘s $500 million Hospitality Fund is adding a second East African hotel to its portfolio. The property being acquired is the Crowne Plaza located in Nairobi’s financial centre, Upper Hill. According to reports in the local press, the fund is spending KShs4.6 billion (or almost $39 million) to buy the hotel from Golden Jubilee, a Kenyan business owned by members of the Akbarali family who have been trying to sell the property since 2020.
“This acquisition offers us a gateway into Nairobi’s vibrant ecosystem of innovation and entrepreneurship,” said Olivier Granet, Kasada’s CEO and Managing Partner. “We look forward to launching our ambitious renovation programme for this hotel with the aim of repositioning it to attract more international travellers and become the place to be for the local community.”
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