This archive report was first published on 26 July 2021.
Published on July 26, 2021, City Lodge Hotel Group has made a significant move in its East African operations by selling its Nairobi Fairview Hotel and City Lodge Two Rivers to a private equity fund for Sh. 1 billion.
The sale is part of the group's plan to quit the East African market, a decision that comes less than seven years after it ventured into the region.
According to the firm, the losses attributable to the Kenya Assets and the Tanzania Assets, including impairments, stood at ZAR371.1 million for the six months ended December 31, 2020.
The sale update was shared at the Johannesburg Stock Exchange, where the hotel is listed.
The sold hotels have a total of 382 rooms, with Fairview Hotel having 127 rooms, City Lodge Hotel at Two Rivers having 171 rooms, and Town Lodge Upper Hill having 84 rooms.
