Investors in East Africa are keen on a fresh opportunity to invest millions of dollars in the privatisation of some of Kenya’s finest hotels in the coming months, as the country seeks to reduce its ballooning domestic debt.
Kenya plans to sell its stake in 11 hotels, among them the Intercontinental and Hilton Hotels — some of Kenya’s most profitable hotels and part of Nairobi’s architectural landmarks — through strategic partnerships or share issues.
The plan is also hoped to help the country spruce up its tourism sector, one of its leading hard currency earner.
Most of the government hotels managed by the Kenya Tourist Development Corporation (KTDC) have been run down over the years and continue to struggle financially, prompting the government to restructure them through sale to investors.
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