Nairobi’s Crowne Plaza Hotel has been sold to a Qatar fund for Sh. 4.6 billion.
The hotel belonging to businessman Nazir Ahmed Akbarali has been bought by Kasada Hospitality Fund, which is a fund that is backed by the Qatar Investment Authority (QIA).
This follows Kasada’s acquisition of similar top hotels in Rwanda, South Africa, Senegal, Cameroon and Namibia over the past 18 months.
A source privy to the deal said that the Crowne Plaza was sold but the owners were yet to received the payment in full.
Apparently, plans to sell the hotel had been on the table since 2020 when the hotel started struggling with bank debts.
Crowne Plaza Hotel was opened in Nairobi’s Upper Hill area in 2010. It tapped the Crowne Plaza brands under the InterContinental Hotels Group.
In 2017, the hotel’s owner Akbarali built a Sh. 1.1 billion mixed-use property offering office space and accommodation. This property was dubbed Crowne Plaza Annexe.
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The 15-floor Crowne Plaza Annexe is located next to the hotel and targets business travellers and companies seeking office space in Nairobi’s Upper Hill area.
Crowne Plaza is owned by Golden Jubilee Limited where Akbarali owns 97.5 percent and Anish Akbarali 2.5 percent.