Johannesburg-quoted lowcost hotel group, City Lodge, on Thursday said the acquisition of the remaining 50 percent in Kenya’s Fairview Hotel had become unconditional with effect from May 21 this year.
This gives City Lodge full ownership of the Fairview Hotel and this hotel will be accounted for as a 100 percent-owned subsidiary of City Lodge Hotel Group, it said.
This acquisition is part of City Lodge’s initial forays into expanding into East Africa, regarded as one of the fastest-growing regions on the continent.
The hotel group is also poised to later set up shop in West Africa and other parts of Southern Africa.
In May 2012, the Group bought 50 percent of Fairview Hotel and Country Lodge in its first expansion outside South Africa. The value of the deal was not disclosed.
Clifford Ross, the City Lodge’s CEO, said at the time the deal was an indication that City Lodge had strong belief in Kenya and East Africa.
City Lodge Group runs 55 hotels across four brands in South Africa, Kenya and Botswana. In Botswana, the company runs Town Lodge Hotels there.