Nairobi’s Crowne Plaza heads for refurbishment
Imagery courtesy of IHG Hotels & Resorts.
Sub-saharan investment specialist Kasada Capital Management will be giving Crowne Plaza Upper Hill in Nairobi, Kenya, a facelift following its acquisition of the property.
The refurbishment of the 206-key hotel will begin before the end of the year, with the purchase marking Kasada’s second acquisition in East Africa and first in Kenya.
Crowne Plaza Upper Hill opened in 2010 in Nairobi’s financial centre and features extensive meeting spaces including a ballroom that can accommodate 300 people, and over 10 meeting rooms with a total capacity of 550 people.
Its prime location and array of amenities are said to make it particularly attractive to local, regional, and international business travellers alike.
The revamp programme will be aimed at rejuvenating the public areas and improving the hotel’s environmental performance. This will see the property obtain the green-building EDGE certification and, more generally, create a living space that conforms to the highest industry standards and generate value for the property’s stakeholders.
The soon to be dual branded property will also include a state-of-the-art Wojo coworking area which will cater to a growing demand in the market for more flexible workspaces.
Olivier Granet, Kasada’s managing partner and CEO, said: “This acquisition offers us a gateway into Nairobi’s vibrant ecosystem of innovation and entrepreneurship. 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. Thanks to our expertise and support, Nairobi’s Crowne Plaza Hotel is about to enter a new life cycle and contribute to the revitalisation of the Kenyan hospitality sector post Covid 19 pandemic.”
David Damiba, Kasada’s managing partner and CIO, added: “As we seek to diversify our portfolio to deliver attractive risk-adjusted returns and yields, our second investment into East Africa marks a milestone in establishing our presence in the core west, east and southern regions of the continent. We look forward to bringing our multidisciplinary expertise in creating value and impact with this asset.”
Along with Kasada’s recent purchase of Umubano Hotel in Kigali, Rwanda, this second east-African acquisition is intended to reaffirm its status as a pan-African hotel owner and investor. The company is now the most active investor with the initial portfolio of hotels doubling within 18 months thanks to a presence in eight countries.
Read our exclusive interview with Granet and Damiba here.
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