A secret company registered in the British Virgin Islands will make a joint bid with private equity Actis in the Sh1 billion deal to buy Nairobi’s Fairview Hotel, Town Lodge and City Lodge Two.
InterCon hotel owners auction movable assets businessdailyafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessdailyafrica.com Daily Mail and Mail on Sunday newspapers.
Actis to buy Fairview Hotel for Sh1 billion
Summary
South African owners of Nairobi’s Fairview Hotel, Town Lodge and City Lodge Two Rivers, are selling the three hotels to private equity fund Actis for Sh1 billion.
City Lodge Hotel Group put up the three Kenyan hotels and Tanzania’s City Lodge Hotel in Dar es Salaam up for sale in plans to exit East Africa after barely seven years.
Monday July 26 2021
By OTIATO GUGUYU
Summary
South African owners of Nairobi’s Fairview Hotel, Town Lodge and City Lodge Two Rivers, are selling the three hotels to private equity fund Actis for Sh1 billion.
Two Rivers. [PHOTO/ COURTESY]
South Africa’s City Lodge Hotel Group has announced its exit from Kenyan market, by opting to sell its three hotels including Fairview Hotel, Town Lodge and City Lodge Two Rivers.
The group will also sell its City Lodge Hotel in Dar es Salaam, saying that it has already received an offer from a willing buyer.
“Shareholders are advised that following receipt of an unsolicited non-binding offer for the proposed acquisition of City Lodge’s East African operations, comprising of its hotels situated in Kenya and Tanzania, the company has entered into negotiations which, if successfully concluded, may have a material effect on the price of the Company’s securities,” said City Lodge Hotel Group at the Johannesburg Stock Exchange.