City billionaire puts his eight hotels up for sale
The Sentrim Hotel portfolio associated with a Kenyan- Indian billionaire investor has been put up for sale.
The portfolio comprising eight hotels could go for tens of billions of shillings according to estimates by the Daily Nation.
It could not immediately be established why Sentrim had put its estate on sale. The firm has contracted property manager Knight Frank to oversee the process.
The eight hotels operated by Sentrim are in Nairobi, Mombasa, Nakuru, Tsavo, Samburu, Maasai Mara, and Amboseli.
‘PRIME CITY INVESTMENT’
“Knight Frank has been exclusively instructed to present for sale the entire Sentrim portfolio comprising three unique prime city investment and redevelopment properties and five excellently located lodge/tented camp properties,” said Knight Frank in an advertisement posted in newspapers on Thursday.
The assets, will potentially be sold together or separately, added Knight Frank.
“The portfolio is offered for sale as a whole or as individual assets by way of informal tender at a date to be confirmed.”
The portfolio includes the 680 Hotel located at the Nairobi Central Business District, Boulevard Hotel on the fringes of the central business district along Harry Thuku Road, Castle Royal Hotel situated in Mombasa along Moi Avenue, and Elementaita Lodge on the shores of Lake Elementaita.
Others are Samburu Lodge in Samburu National Reserve in Northern Kenya, Sentrim Tsavo located in Tsavo East National Park, Sentrim Mara located in the Maasai Mara Game Reserve, Sentrim Amboseli located in the Amboseli National Park and Sentrim Samburu located in Samburu National Reserve.
The eight hotels boast of over 350 rooms in form of tents, cottages, and hotel units. They are situated on over 130 acres.
The hotels are likely to attract several potential buyers, including high-net-worth investors, as well as hospitality groups that are active in the country’s tourism market.
There has been a string of heavy investments by leading luxury hotels in Kenya recently.
The list includes global brands such as Accor Hotels, Hilton, Carlson Rezidor, and Acacia Premier. Nineteen hotels are also expected to come to Kenya shortly, with a total of 3,453 new rooms in the pipeline, according to a report by Lagos-based consultancy W-Hospitality Group.
Hotel chains in Kenya are increasingly facing pressure from ultra-affluent clients who demand special service.
Kenya and South Africa are tipped as the next continental hotspots in luxury hotel investment. A report released at the World Travel Market conference held in London between November 6 and 8 last year said the investment would be underwritten by continued flow of top-dollar clients to the region.
“South Africa and Kenya are expected to register strong growth in luxury hotels as Sub-Saharan Africa continues to be popular with luxury travellers,” said Euromonitor International’s Top 100 Cities Destination Ranking 2017 report.