Housing Finance has slashed the selling price of the Lazinos Hotel which is located in Nairobi West. The new selling price is now Sh. 240 million, down from quarter a billion shillings. This comes after the mortgage lender failed to attract an appropriate buyer for the property.
The price reduction comes fur months after the bank and the hotel’s owner signed a sale agreement for the property. The agreement meant that the hotel would sold without following all the auctioning processes. The property is owned by Nairobi businessman David Njuguna. It was earlier in February put up for auction over a debt owed to a local bank.
The property has been on sale through numerous attempts over debt since 2016. In the second auction bid, Garam Investments had invited interested buyers to bid for the multi-storey building at a public auction of the hotel on March 5 in Westlands. Garam stated that the business had an estimated rental income of Sh. 3.5 million a month.
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The commercial property has four-floors with two wings and 43 self-contained guestrooms. It also has conference halls, shops, laundry and salon units. Lazinos Hotel is registered under Turitu Service Station and sits on 0.1791 acres of land.