INTERCONTINENTAL HOTEL SHUTS DOWN

The owner of the iconic InterContinental hotel is weighing options for the continuity of the business after the closure of the facility last year.

Kenya Hotel Properties Plc which holds a controlling stake in the establishment now seeks a consultant to steer the business into its next phase of existence.

The sought after consultant is expected to undertake an analysis of the company’s properties and assets with a view of establishing the viability of its hospitality business.

“The analysis should review and advise on the potential strategic re-evaluations for hospitality and commercial real estate sectors for utilization by government or the private sector,” the company said in a notice on Thursday.

Further, the consultant is to envision and evaluate a mixed-use approach to the premises including the advantages and disadvantages of such a transition.

In the end, the consultant is expected to propose actionable recommendations including action plans, projected income, budgets and timelines.

Interested parties for the consultancy role are expected to apply for the post on or before August 31.

Kenya Hotel Properties was incorporated in 1966 and is linked to the family of former President Daniel Moi and billionaire businessman Joshua Kulei.

The Development Bank of Kenya and the Tourism Finance Corporation (TFC) hold minority stakes in the holding company.

In August last year, the InterContinental Hotels Corporation Limited Kenya gave notice of winding up its local operations and subsequently fired all staff.

The COVID-19 pandemic served to exacerbate the hotel chain woes with the facility already being the subject of a near auction in 2019 over unpaid debt.

By Citizen Digital