KENYA Eleven government-owned hotels in Kenya will be privatized under a new plan to reduce the country’s debt.
Assets to be sold include Hilton Nairobi, InterContinental Nairobi, Fairmont The Ark Nairobi and TPS Serena, the holding company for Serena Hotels in Kenya. Kenya seeks to dispose of the assets through strategic partnerships or share issues, The East African reports.
Besides raising money, the privatization is intended to spruce up the hotels, some of which have not been well-kept. The hotels are struggling financially and have become rundown under the management of the state-owned Kenya Tourist Development Corp. However, the government says that the hotels that are internationally flagged are in good condition.