A Qatari-backed private equity fund has bought Crowne Plaza Hotel for an estimated Sh4.6 billion from tycoon Nazir Ahmed Akbarali amid heightened deal making in Kenya’s hotel sector.
Kasada Hospitality Fund, which is backed by the Qatar Investment Authority (QIA) — the country’s sovereign wealth fund—has fully acquired the Nairobi-based hotel.
The deal adds to Kasada’s asset acquisitions on the continent after snapping hotels in Rwanda, South Africa, Senegal, Cameroon and Namibia over the past 18 months.
The private equity fund enters Kenya in a period when top hotels have either closed shop or witnessed ownership changes as the sector recovers from Covid-19 travel curbs.
The hotel was opened in Nairobi’s Upper Hill area in 2010 and tapped the Crowne Plaza brands under the InterContinental Hotels Group.
Later in 2017, the owner Mr Akbarali built a Sh1.1 billion mixed-use property offering office space and accommodation dubbed Crowne Plaza Annexe.
The 15-floor Crowne Plaza Annexe is located next to the hotel and targets business travellers as well as companies seeking office space in Nairobi’s Upper Hill financial district.
Crowne Plaza is owned by Golden Jubilee Limited where tycoon Akbarali owns 97.5 percent and Anish Akbarali 2.5 percent, according to regulatory filings seen by the Business Daily.
