The number of tourists in Kenya has been increasing over the last two years. In addition to these foreign visitors, hotels have seen increased local business owing to parliamentary retreats, political parties strategising on elections & the constitution, cultural nights, corporate events and various international conferences.
This has manifested itself in a lot of investor activity. This week the Sarova Group [Stanley, Panafric Whitesands Hotel (an MP’s favourite), Sarova Mara)] declared their intention to list on the Nairobi Stock Exchange. Earlier, TPS Serena, announced a plan at their AGM to consolidate their Kenyan and Tanzanian operations later this year. T.P.S. Serena traded at 53 shillings per share during the May 2005 AGM and now trades at 86 shillings (up 62% in a 2 months)
Saudi billionaire Prince Alwaleedbought all Lonrho hotel properties in Kenya, and the Nairobi Intercontinental is ‘getting a facelift’ as part of an expansion program to increase revenue.