Monday, August 16, 2021 -Once established city Intercontinental Hotel will be modified into rental stalls and leased out. A report has confirmed.
Just a year after it went down, InterCon which sacked all employees amid economic struggle last year has been struggling to remain a float in vein. Unfortunately, the once Nairobi City landmark has run down and plans are now underway to turn the structure into shops and lease them to government.
The hotel’s general manager Oliver Geyer told employees in a notice last year that all staffers are now redundant and that it would terminate its Nairobi hotel lease.
From a recent report released out to the media, InterCon is associated with Moi family who initially owned 19.3 percent stake before raising it to 53 percent 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 debts that had hit sh 717 million.
Moi also left behind a number of other established business entities which seem to be currently struggling to survive; among them the Standard Media Group, Signon Transporters and many others.