Kasada Capital Management, a Qatar-funded hospitality investment platform, acquired the former 206-room Crowne Plaza Upper Hill in Nairobi, Kenya, according to a Thursday news release. Business Daily Africa reports the hotel, which was an InterContinental Hotels Group property, was sold by owner Nazir Ahmed Akbarali for 4.6 billion shillings ($38.7 million).
The hotel is Kasada’s second in East Africa, joining the Umubano Hotel in Kigali, Rwanda. The company’s portfolio has doubled over the past 18 months to 12 properties across eight countries.
The Crowne Plaza will undergo a renovation at the end of the year to improve the property’s public areas and environmental performance.
Olivier Granet, Kasada’s managing partner and CEO, said in the news release that the property will “contribute to the revitalization of the Kenyan hospitality sector” following the COVID-19 pandemic.
Return to the Hotel News Now homepage.