Denis Mwangi

Hilton International Ltd is inviting expressions of interest for the sale of its 59.42% stake in International Hotels (Kenya) Limited.

International Hotels (Kenya) Limited, owns the iconic former “Hilton Hotel”. Hilton International owns 59.42% while the government owns 40.57%.

So, effectively, the Hilton Hotel property is being put up for sale through the sale of the majority stake in the owning company.

This transaction, facilitated by global real estate consultancy Knight Frank, represents a unique opportunity to acquire a significant share in the iconic former Hilton Hotel, a landmark property situated at the heart of Nairobi’s central business district.

The former Hilton Hotel, renowned for its cylindrical architecture is strategically located at the crossroads of four major streets—Mama Ngina Street, Wataili Lane, City Hallway, and Simba Street.

Prospective buyers will be required to present comprehensive evidence of their legal standing, financial capability, and a proven track record in similar acquisitions.

Below is a summary of the required documents

<ol><li>Evidence that the Bidder is legally registered or incorporated. In the case of individuals, copies of national identification cards or passports.</li><li>Company Profile and Track Record for similar acquisitions.</li><li>Demonstrate their financial capacity to acquire 59.42% of equity in International Hotels Kenya Limited.</li><li>Provide a reference letter from a reputable mainstream bank clarifying the availability of reserves to undertake the acquisition.</li></ol>

Interested parties are requested to submit their Expressions of Interest by May 7, 2024.

READ: <a href="https://www.pulselive.co.ke/business/domestic/old-mutual-to-sell-iconic-sh5-billion-tower-in-nairobi/jl1yl3l">Why Sh5B Old Mutual Tower in Nairobi is being sold</a>

<h3>Closure of Hilton Hotel in Nairobi</h3>

After over half a century of being a prominent feature in Nairobi's skyline, the<a data-link-role-code="open_new_tab" href="https://www.pulselive.co.ke/business/domestic/hilton-hotel-to-officially-close-operations-in-nairobi-december-2022-after-53-years/b60dm09"> Hilton Hotel in the city's Central Business District closed its doors on December 31, 2022</a>.

The closure marked the end of an era for the landmark hotel which opened on December 17, 1969, and was among Nairobi's tallest buildings at the time.

The hotel's distinctive cylindrical shape made it a central point of reference within the city and its closure is a significant change to the fabric of Nairobi's bustling hub.

The reasons for the closure point to a broader context of challenges faced by the hospitality industry, exacerbated but not solely caused by the COVID-19 pandemic.

This sector, vital to Kenya's economy, has been particularly vulnerable to the shifts in global travel and local economic conditions.

The Hilton's government ownership stake of 40.57% did not shield it from these market pressures.

The repercussions of the closure are felt most acutely by the staff, with many facing layoffs.

READ: <a href="https://www.pulselive.co.ke/news/local/liban-alishire-in-sh37b-fraud-allowed-to-travel-to-kenya-and-sell-property-to-repay/mdctvmb">Kenyan in Sh37B scam to sell Diani resort &amp; other properties to repay U.S. gov't</a>

Hilton International Ltd is inviting expressions of interest for the sale of its 59.42% stake in International Hotels (Kenya) Limited.

Multi-billion 'Hilton Hotel' in Nairobi put up for sale [Details]

Hilton Hotel

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