This archive report was first published on 24 November 2019.
November 24, 2019
Cytonn, a financial investment company in Kenya, has expanded its business into the hospitality sector with the launch of CySuites apartment hotel in Westlands, Nairobi.
The company's Chief Executive Officer, Edwin Dande, said the serviced apartments offer amenities to meet the needs of short and extended stays for travelers, providing a home feel and lower rates per night compared to hotels.
Mr. Dande noted that returns from serviced apartments range between 8-10 percent, while unserviced ones earn four percent.
The multimillion complex, which offers 32 two-bedroom apartments, six one-bedroom apartments, and two penthouses, was opened on Saturday by Kenya National Chamber of Commerce and Industry president Richard Ngatia.
Mr. Ngatia lauded Cytonn for launching CySuites, saying it has created more than 100 direct jobs.
Mr. Dande assured clients of better returns, citing the strong entrepreneurial culture in Kenya and the potential for growth in the economy, despite current challenges.
He announced that Kenya is still the most preferred investment destination, with the global home of mobile money transfer, MPesa, transacting billions of shillings daily.
Mr. Dande also revealed plans to turn Cytonn's popular money market fund into a high-yielding wallet for its clients, following the success of MPesa.
