This archive report was first published on 26 November 2019.
On November 26, 2019, Cytonn Investments Management PLC launched CySuites, a serviced apartment hotel in Kenya, marking the company's foray into the hospitality sector.
The elegant luncheon was attended by the Kenya National Chamber of Commerce and Industry (KNCCI) president, Richard Ngatia, who hailed the CySuites as a great development that will create job opportunities and spur the country's tourism and hospitality sectors.
Cytonn's decision to venture into serviced apartment hotels was informed by extensive research and the growing demand for such units, which offer attractive yields compared to residential apartments.
Speaking during the launch, Cytonn CEO Edwin H. Dande observed that serviced apartment hotels offer investors higher returns compared to residential units, with yields of up to 12% compared to 4.9% for residential apartments.
According to Dande, the demand for serviced apartments continues to grow, with occupancy rates of up to 88% and strong rental yields of about 12%.
Shiv A. Arora, Head of Private Equity and Real Estate at Cytonn, recognized the value of the contributions made by the parties and partners involved in the project.
CySuites is located on Church Road off Rhapta Road in Westlands and contains one and two-bedroom apartments and penthouses, targeting both business and leisure travelers.
