InterCon Hotel Auction: The InterContinental Hotel which is associated with a firm linked with the family of former late president Daniel Moi has auctioned off its movable assets in a fire sale. This comes as the conversion of the hotel into a mixed property use gains pace.
The properties on sale include vehicles, bed sheets, televisions, carpets and kitchen equipment. This property will sold by Garam Auctioneers. “Duly instructed by Kenya Hotel Properties we shall sell the undermentioned goods belonging to the former InterContinental Hotel located off Parliament road through a public auction,” Garam Auctioneers said.
The InterCon Hotel, also known as Intercontinental Hotel, shut down in August 2020 after sacking all employees. The hotel’s general manager Oliver Geyer told employees in a notice last year that all workers are now redundant and that it would terminate its Nairobi hotel lease.
The hotel is associated with the Moi family. According to a recent report that appeared in the Daily Nation, the late Moi “initially owned a 19.3 per cent stake in Intercontinental Hotel before upping its shareholding to 53 per cent in 2018. This essentially gave the Moi family a majority shareholding of the iconic hotel.” The family acquired the stake through Sovereign Group which bought 5,874,391 shares.
In 2019, the hotel was declared technically insolvent since it could not service its debts that stood at Sh. 717 million. The InterContinental Hotels Corporation has been running and managing the 389-room InterContinental Hotel Nairobi under a 99-year lease since April 1967. Shareholders of InterContinental Nairobi have previously included the Intercontinental Hotels Corporation Group (33.8 per cent), the Development Bank of Kenya 12.99 per cent stake, government of Kenya 33.83 per cent stake.
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Joshua Kulei, the late President Moi’s former private secretary, Rodger Kacou, and Ahmed Jibril own a combined stake of less than one percent in the firm.
