For Sale -Intercontinental Hotel is now poised to be converted into stalls and leased to government. It has been established.
Just a year after it went down, InterCon which sacked all employees has been struggling all through with what next after running down but this has been tough for it. Plans are now underway to turn the building into shops and lease it to government for management.
The hotel’s general manager Oliver Geyer told employees in a notice last year that all workers are now redundant and that it would terminate its Nairobi hotel lease.
From a recent report released, InterCon is associated with Moi family who initially owned 19.3 percent stake before raising it to 53 per cent in 2018.
“Owners of the InterCon Hotel are considering leasing out the building or converting it into a mixed-used property, complicating the State’s efforts to sell its 33.8 percent stake in the five-star hotel. Kenya Hotel Properties (KHP) is seeking a consultant to advise on change of business model for the hotel, which closed permanently in August last year, to include a mixed-use approach —signalling the hotel building could be converted to office blocks, shops and mini-hotels,” a report that appeared in a local daily on Friday divulged.
The facility was in 2019 rendered technically insolvent after it was established that it couldn’t service its surging debts that had hit sh 717 million.
This is happening barely a year after the former President Daniel Moi’s death. Moi died at 95. The family also runs quiet a number of other business empires among them the Standard Media Group and Signon Transporters.
