This archive report was first published on 5 August 2020.
On August 5, 2020, the InterContinental Hotel in Nairobi, Kenya, abruptly shut down its operations, leaving hundreds of employees without jobs. The hotel's management cited 'operational reasons' for the sudden closure.
The hotel, which has been a landmark in Nairobi since 1967, has been associated with the Moi family. According to a recent report, the late Moi initially owned a 19.3% stake in the hotel before increasing his shareholding to 53% in 2018. This gave the Moi family a majority shareholding in the iconic hotel.
InterContinental Hotels Corporation Limited, the parent company of the hotel, has been running and managing the 389-room hotel under a 99-year lease since April 1967. The hotel's shareholders have included the Intercontinental Hotels Corporation Group, the Development Bank of Kenya, and the government of Kenya.
